I am in the process of doing a trust. I have the attorney , the plan for my assets, grantors, etc . But in am torn on

Asked about 1 year ago - Victorville, CA

If i should do a irrevocable or revocable trust I am 30 an have one. 13 year old son who get everything that i have worked hard for and I plan on buying more property. I want to protect the assets for ,my son. What wrist would you recommend???

Additional information

Thanks for all our help full information on client attorney privileged I however care about protecting my son from loss.

Attorney answers (5)

  1. Charles Adam Shultz

    Contributor Level 19

    14

    Lawyers agree

    Answered . This question should be addressed to your attorney. If they are competent in the field of estate planning they should be able to give you all the necessary information to make an informed decision. That said, you are not going to get asset protection from either trust in California if you are looking to control the assets during your life.

    The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or... more
  2. John Bernard Palley

    Pro

    Contributor Level 13

    11

    Lawyers agree

    1

    Answered . Generally people do a revocable trust first as the founding of their estate plan. They then add irrevocable trusts to improve it. For example you might ask your attorney about an irrevocable life insurance trust and/or a qualified personal residence trust. Both of these are simple irrevocable trusts which can greatly enhance an estate plan. Good luck with your planning and kudos to you for planning ahead!

  3. Kelvin P. Green

    Contributor Level 18

    10

    Lawyers agree

    Answered . I agree that you should discuss this with your attorney... It depends on what your goals are and a desired end state.

    This is for general information only. Nothing in this information should be construed as creating an attorney-... more
  4. Michael Raymond Daymude

    Pro

    Contributor Level 20

    9

    Lawyers agree

    Answered . I agree with each of my colleagues statements, particularly the one about asking your attorney this question. Still, I will chime in with a penny.

    Since you are a young person you will get the most bang for your buck through term life insurance in terms of being able to provide for your son if something happens to you. Adequate liability insurance will generally provide the asset protection you seek. If you are a homeowner, not engaged in business, the liability insurance through your homeowner’s policy is usually sufficient. If not, consider an umbrella policy.

    Start with a revocable trust which you can amend as time passes. As noted by my colleague, irrevocable trusts are ill suited for an individual who still needs or desires control over trust assets. Skip the fancier stuff for now. Good luck.

    I am licensed in California only and my answers on Avvo assume California law. Answers provided by me are for... more
  5. Douglass S Lodmell

    Pro

    Contributor Level 13

    3

    Lawyers agree

    Answered . One issue is estate planning (inheritance, avoiding probate, taxes, etc...) and another asset protection planning (protecting your assets from frivolous and bogus lawsuits). A revocable living trust is an excellent estate planning tool but it will not protect you from lawsuits.

    Whether you need asset protection planning really depends on the net worth you seek to protect, and your liabilities (for example professional activities or risky assets as rental properties). You may want schedule a consultation with an attorney that has specific expertise in the area of asset protection planning.

    Douglass Lodmell is the nations #1 Asset Protection attorney and has clients in all 50 states, protecting over $4... more

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