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Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 102145
Experience:  Fully licensed attorney in Texas in private practice.
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We have a business counter claim and law suit pending,

Customer Question

we have a business counter claim and law suit pending, against a bank, pending lender liability claim. I would like to place my assets in a trust to safegard my assets. What is the best way to do this?
Submitted: 10 months ago.
Category: Estate Law
Expert:  Ely replied 10 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

The best way to safeguard personal assets is what is known as an irrevocable trust. An irrevocable trust is one that cannot be voided, and one where typically the trustee is different than the beneficiary. It provides what some may say is the maximum protection from a civil judgment against personal assets. For an example, see HERE.

Irrevocable trusts are not 100% protection however - nothing. They may be pierced if the plaintiff can prove that the trust is being used as a way to hide assets and/or as a shell; it is simply much tougher to do when the trust is irrevocable. See HERE. However, with specific attention to the spendthrift clause and other nuances, the irrevocable trust can be a pretty formidable protection against any liability.

Any good estate attorney can draft the trust for you.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

Expert:  Ely replied 10 months ago.
Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. I am simply touching base. Let me know. Thanks!

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