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Domestic Asset Protection Trusts Created by Nonresident Settlors Form

Domestic Asset Protection Trusts Created by Nonresident Settlors Form

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Hi. Lee Phillips here. I want to talk to you about why you wouldn't use a or an irrevocable trust for asset protection. Now, you understand that a revocable trust will not give you asset protection because it's revocable and I get a judgement against you and I walk into court I say this is a revocable trust, make him revoke it and give it to me. So, revocable trust, if it has that word, "revocable," in it, no asset protection. Ah. But, how about an irrevocable trust? Well, an irrevocable trust actually, I'm going to say, does give you asset protection. But what you don't understand is if you have an irrevocable trust, you have moved the assets into it irrevocably and you can't get them back. They're not yours. They're gone. The law says that you can't set up an irrevocable trust with your assets and have that trust give you benefit. That would be cheating. If you could set up a trust, move the assets into it, and make it so your creditors couldn't get them, but you have all the benefit

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