We want our home to be ours until we have kids, but we want to do irrevocaable trust to avoid creditors to chase after. What would be the best way? We are in a community property state, but my debt is individually signed by me and the creditor field judgement before marriage. We have only one property with some equity.
If you create an irrevocable trust while you have debt then that transfer could conceivably be considered fraudulent. I would suggest that asset protection alone is not a sufficient reason to create an irrevocable trust. As to beneficiaries you could designate anyone to be beneficiaries but once it is irrevocable
You may select anyone you choose as beneficiary of irrevocable trust.
Trust created to avoid judgment creditor may be fraudulent transfer device and set aside by judgment creditor.
I strongly recommend that you seek the counsel of a lawyer before setting up a trust as you explained. The fraudulent transfer rules could apply and invalidate such a trust.
You should definitely consult with an attorney regarding placing your property in an irrevocable trust. You should also discuss any legal issues regarding your debt. If you have a judgment against you, the creditors can still pursue you, including by garnishing wages. You should discuss satisfying the judgment with a local attorney, otherwise, as other attorneys mentioned, you could be viewed as trying to hide assets.
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