Asset Protection for Your Heirs

The revocable living trust is a great estate planning tool, but it does not protect your assets from your creditors. The assets in your trust are still considered your assets because you continue to have complete control over them. On the other hand, you can use your trust to provide asset protection for your beneficiaries after your death. When you pass your assets on to your beneficiaries, instead of giving them of all the assets outright, where they put it in their own bank account or in their own name, at death, your trust directs the trustee to create an irrevocable...