Living Trust Protection

[mrichman333]

Hi, I have a question about Living Trust and how having one may protect my assets.

Here is my situation,
I am 47 and married my husband is 52. We are very fortunate in that we have no debt and own our home free and clear. We also have retirement savings a large portion that is not in an IRA and can not be transferred there because of the limits on yearly deposits.

We do NOT however have any medical insurance and the quotes we have gotten on insurance are beyond what we can pay. My fear is this, if my husband or I should become seriously ill I’m afraid we could lose our home and all our savings.

I was thinking a Living Trust could protect our assets in such a situation but am not certain and don’t know where to begin with establishing one.

Any advice would be very much appreciated,

Mary.

[Eagle]

A Living Trust is an estate planning device and will not provide asset protection.

[Joyeal Ryan]

Hi,

Thanks for sharing the information.

Here is some useful information on asset protection service.

As part of an asset protection service, certain types of trusts enable you to manage your assets.

A revocable living trust is a legal document that includes your instructions as to what will happen to your assets when you die. It is similar to a will in this regard, however, unlike a will a living trust avoids the lengthy probate process and expensive fees at death. It also prevents the court from controlling your assets if you become incapacitated. In addition, it gives you (not the courts) control of the assets you leave to others, such as your minor children or grand children.

You do not lose control of your assets when you put them into a typical living trust. You can continue to buy, sell, mortgage, etc. just like before. You can cancel the trust at any time.