Skip to main content

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

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???

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

+ Read More

Attorney answers 5

Posted

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 given me confidential information by posting on this public forum, and my answer on this public forum does not constitute attorney-client advice. IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. While I am licensed to practice in New York and California, I do not actively practice in New York. Regardless, nothing said should be deemed an opinion of law of any state. All readers need to do their own research or pay an attorney for a legal opinion if one is necessary or desired.

Posted

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!

Posted

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-client relationship nor shall any of this information be construed as providing legal advice. Laws change over time and differ from state to state. These answers are based on California Law.Applicability of the legal principles discussed may differ substantially in individual situations. You should not act upon the information presented herein without consulting an attorney about your particular situation. No attorney-client relationship is established.

Posted

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 general information only. They are not legal advice or counsel. Answers must not be relied upon. Legal advice and counsel must be based on the interplay between specific exact facts and the law. This forum does not allow for the discussion of that interplay. My answer to any specific question would likely be different if that interplay were explored during an attorney-client relationship. I provide legal advice and counsel during the course of an attorney-client relationship only. The exchange of information through this forum does not establish such a relationship. That relationship is established only by personal and direct consultation with me followed by the execution of a written attorney-client agreement signed by each of us. The communications on this website are not privileged or confidential and I assume no duty to anyone by my participation on Avvo or because I have answered or commented on a question. All legal proceedings involve deadlines and time limiting statutes. So that legal rights are not lost for failure to timely take appropriate action and because I do not provide legal advice or counsel in answer to any question, if you are an interested party you should promptly and personally consult with an attorney for advice and counsel. Also, see Avvo's terms and conditions of use, specifically item 9, incorporated by this reference

Posted

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 Billion in client assets. Answers given by him in this forum do not establish an attorney-client relation. He advises to seek a specialized attorney in the area of your interest for legal representation.

Charles Adam Shultz

Charles Adam Shultz

Posted

well said, nice and concise

Douglass S Lodmell

Douglass S Lodmell

Posted

Thank you for the feedback Charles.

Wills and estates topics

Recommended articles about Wills and estates

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer