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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 41050
Experience:  Texas lawyer for 30 years in Estate law
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I would like to set up a trust to protect my assets (home,

Customer Question

I would like to set up a trust to protect my assets (home, etc.) from creditors, probate, etc. In addition, I would like to include 5 businesses that I own and derive income from. I am assuming that an irrevocable trust would be appropriate for my home, life insurance, etc. However, since I derive income during my lifetime from my businesses, is there a specific trust that I should use? Also, does the recommended trust protect the businesses from creditors?
Submitted: 1 year ago.
Category: Estate Law
Expert:  RayAnswers replied 1 year ago.

Hi and welcome to JA. I am Ray and will be the expert helping you today.

You may decide here to use two different trusts.One can be for most of your other assets one for the business.

If these are irrevocable trusts they are protected from creditors , probate etc.These can be set up separately and run independently by the trustees.You may decide to use the same trustee or different ones.

The business trust would pay you income as you require here for your living expenses and needs according to the terms of the trust.You will need a trust lawyer locally to draft these so that they meet your needs and your desires.

Trust lawyers with ratings, plug in your location..

The lawyer will help you with the two trusts and transfer of assets into the irrevocable trusts.They would offer you the protections you want and need here.

I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.

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