Need Lawsuit Protection?

15 Feb 2024 · 1 min

Watch on YouTube

1:01

In this YouTube clip, Jerry Taylor advises viewers on protecting assets from creditors, divorces, lawsuits, and bankruptcy. He emphasizes that only irrevocable trusts—such as Medicaid asset protection trusts, domestic asset protection trusts, or offshore trusts (e.g., Nevis)—provide true asset protection, while revocable trusts merely help avoid probate and manage assets during life or incapacity but do not shield against claims. Taylor notes that residents of states with strong homestead laws, like Florida or Texas, may already have significant protection for their primary residence. He also mentions that only certain states support specific irrevocable trust structures and encourages viewers to click his Linktree for further services and his newsletter.

Chapters

If you want to protect your assets from creditors, future divorces, lawsuits, bankruptcies, the way to do that is through some form of an irrevocable trust or irrevocable, however you say it. A revocable or revocable trust will not give you that protection. A revocable trust is a great tool for getting around probate and managing your assets during life and during incapacity, but it's not going to provide you with Asset Protection. And remember, if you click on my picture in my Linktree, you can work with me and get my newsletter. Now, if you live in a state like Florida or Texas, you may not need asset protection for your home because your state's homestead laws provide very good protection for your home. But it is an irrevocable trust, once you put your assets in there, that gives you asset protection, whether it's a Medicaid asset protection trust or a domestic asset protection trust. There are only certain states that have laws supporting those types of trusts, or an offshore trust in a place like Nevis.