Will a Revocable Living Trust Protect Asset in Kentucky? - PowerPoint PPT Presentation

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Will a Revocable Living Trust Protect Asset in Kentucky?

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There are estate planning strategies that can be implemented to protect your assets in Kentucky. This presentation examines a revocable living trust to see if it is one of those strategies. – PowerPoint PPT presentation

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Title: Will a Revocable Living Trust Protect Asset in Kentucky?


1
WILL A REVOCABLE LIVING TRUST PROTECT ASSETS IN
KENTUCKY?
This is an advertisement.
2
Who Needs Asset Protection?
This is an advertisement.
3
You may wonder why someone would have the need to
protect assets
4
Anyone could be the target of a lawsuit
5
Debts could potentially pile up as well
6
There is also the matter of divorce settlements
7
Asset protection is a must for people like
surgeons and real estate investors
8
This is because they are especially vulnerable
to lawsuits
9
Is a Revocable Living Trust a Viable Solution?
This is an advertisement.
10
Revocable living trusts are commonly used in the
field of estate planning
11
Because you are placing assets into a trust you
may assume that they are protected
12
In fact, revocable living trusts do not provide
ASSET PROTECTION
13
Why Won't the Trust Protect My Assets?
This is an advertisement.
14
One of the appalling things about a revocable
living trust is that you don't surrender control
of the assets
15
After all, it's revocable
16
You can revoke the trust and own the property
directly at any time
17
This may be comforting on the one hand
18
This may be comforting on the one hand
However, because you do retain control this type
of trust will not protect assets from creditors
and litigants
19
.
Why Would I Want a Trust That Doesn't Protect
Assets?
This is an advertisement.
20
To protect assets you must surrender incidents
of ownership
21
Some people do not want to divest themselves of
control
This is an advertisement.
22
They do however want to facilitate probate-free
asset transfers
23
If you have a revocable living trust the trustee
distributes assets to the beneficiaries after you
die
24
These distributions are not subject to the
probate process
25
What Can I Do to Protect My Assets?
This is an advertisement.
26
We have established the fact that a revocable
living trust is not going to provide asset
protection
27
However, all is not lost
28
There are estate planning strategies that can be
implemented that will in fact protect your assets
29
Some of Your Options
This is an advertisement.
30
One thing that you could do to protect assets
would be to create an asset protection trust
31
They are only legally recognized in a handful of
states
32
However, you can create a trust in one of the
states even if you aren't a resident
33
Family limited partnerships are popular, and
limited liability companies are frequently
utilized as well
34
We can help you if you want to protect your
assets
35
If you are a resident of northern Kentucky or
Charlotte, North Carolina contact our firm to
schedule a free consultation
36
Click to visit www.potterestateplanning.com
This is an advertisement.
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