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Question

will deeding your properties to your revocable trust protect real estate from creditors, lawsuits, etc.?

Submitted: 227 days and 16 hours ago.
Category: Estate Law
Value: $30
Status: CLOSED
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Optional Information

boone, North Carolina

Already Tried:
nothing yet, I'm just trying to find the best way to protect assets. I do have an LLC, but I have not done the rev. living trust yet and I don't know which is better, to deed property to trust or to LLC.

Accepted Answer

Good morning,

Unfortunately, a revocable trust (also known as a living trust) does not provide any protection of assets from judgment creditors. It is ignored for creditor purposes just as it is ignored for income tax purposes.


In most states, the law provides that if a settlor has the right to revoke the trust, all of the assets are treated as owned by the settlor. If there is a judgment against you, the creditor is entitled to seize any assets that you have in the trust. Asset protection can be accomplished when property is held in an LLC and those interests are owned by the trust.

This is a rather complicated matter and if you are seeking to protect real properety from creditors I urge you to seek out a local attorney with experience in estate and trust laws.

I wish you the best.

Thank you very much for having allowed me to assist you. It would be greatly appreciated if you would click the green Accept icon so that I can receive credit for having assisted you.

Best regards,

Doug


 

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Expert: LawTalk
Pos. Feedback: 100.0 %
Accepts: 
Answered: 4/9/2009

Attorney

I have more than 25 years of experience in the practice of law.

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