Four myths about revocable trusts: they don't protect assets from lawsuits or creditors, don't shield money from Medicaid, don't give tax breaks to beneficiaries, and don't require a federal tax ID while you're alive. Only irrevocable trusts offer real asset protection.
true. Number 1, a revocable trust protects the assets that you put in it from lawsuits, divorces, and future creditors. Number 2, putting your assets into a revocable trust will protect that asset from Medicaid recovery if you have to go to a nursing home. Number 3, putting your assets into a revocable trust helps your beneficiaries save on their taxes. Number 4, when you open a revocable trust, you have to get a federal tax ID number for it. Put your answers in the comments right here. And while we're here, if you'd like to work with me or get my newsletter, go to my profile link. All right, so which were true and which were false? They're all lies. A revocable trust will not give you asset protection. Only some type of irrevocable trust will do that. A revocable trust does not give you any protection from Medicaid recovery. You need a Medicaid asset protection trust. And a revocable trust does not help your taxes or hurt your taxes. And you do not have to get a tax ID number. That only happens when you're dead.
comment workshop.free still need plan to keep people out of court. learn how to in less than an hour
