A trust can be beneficial to an estate plan to keep your assets out of probate court, control distributions to your loved ones and even provide tax savings for your beneficiaries. The most common type of trust, and the type that provides these benefits is called a Revocable Living Trust. As indicated in its’ name, it is revocable and can be revoked at any time. As such, this type of trust provides you no creditor protection during your life, but only benefits you at death.
Is there a type of trust that benefits you during life?
There are multiple types of trusts that can benefit you during your life, including a charitable remainder trust, a domestic asset protection trust
Currently eighteen States offer some form of Domestic Asset Protection Trust. A domestic asset protection trust a type of irrevocable trust that a person can set up to benefit themselves during their lifetime. The main benefit of this type of trust is a