Jerry Taylor breaks down two types of asset protection trusts. Revocable trusts, used by 90-95% of trust owners, avoid probate but don't protect against lawsuits or creditors. Irrevocable trusts offer that protection but are hard to change and lock away assets from the grantor.
Today I wanted to talk about the basic types of asset protection trusts that are available. Most of the time in the videos that you see, I'm talking about revocable trusts. These are the primary trusts that you'll find that people have, probably 90-95% of the people out there. If they have a trust, it is a revocable trust. It's a very flexible trust, and you can avoid probate if you put your assets into it. That is the primary reason you would have a revocable trust. But it does not provide any asset protection from lawsuits or creditors or divorces. If you need protection in those areas, you're going to have to create some type of an irrevocable trust, and that is the type of trust that once it's created, it's very, very difficult to change anything about it. And in most states, once you put an asset into an irrevocable trust, you no longer can benefit
comment workshop.free still need plan to keep people out of court. learn how to in less than an hour
