Does a Revocable Living Trust Provide Asset Protection?

There are a number of different types of trusts that are used in the field of estate planning, and they serve different purposes. There are trusts that can provide asset protection, and there are other trusts that would not be used for asset protection purposes Let s look at some of the details. Irrevocable Trusts Some trusts are irrevocable. The name is somewhat self-explanatory on one level: once you create an irrevocable trust, you cannot revoke or rescind it. You are surrendering direct personal ownership of the assets that you convey into the trust. Because you are surrendering incidents of ownership, generally speaking, assets that have been conveyed into an irrevocable trust would be protected. There are some types of irrevocable trusts that are commonly used to protect assets.  It is important to note that irrevocable trusts will not provide asset protection in all circumstances.  There is a body of laws designed to prevent fraudulent conveyances that can be used to set asid


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