Florida Trust & Probate Attorneys Blog
Now may be an excellent time to attack a common misunderstanding about living revocable trusts: These trusts do not protect your assets if you are sued. If you can be sued, your revocable trust can be sued.
Some people believe that the living trust is like a “pink pill” solution: it solves everything. While the living trust is a powerful legal instrument that virtually every person should have because, among other benefits, it minimizes or prevents the intervention of a court into your personal or financial affairs, it does not solve all legal problems.
Specifically, the living revocable trust is not an asset protection entity. If you have any concern that you might be sued due to a foreclosure or some other matter, I would advise you to schedule an asset protection consultation with this firm. There are many options to consider.
At this consultation we will review your assets and identify those that are protected by state law (such as your homestead, annuity, IRA, or 401k) and assets that are exposed.
Note: Real estate that is not your homestead is a highly exposed asset since it is so easy to find. Now, with the internet, if you own real estate you might as well publish it in the Miami Herald. It can be discovered in minutes. To protect such property, you need to consider establishing an asset protection limited liability company (LLC), limited partnership, asset protection trust, or other entity. There is not one size fits all. We need to discuss which entity is the best one for your circumstances.
One Final Note: This type of planning should to be done when “the waters are quiet” – before you are sued. You may still have options after you are sued, but they may be limited.
Conclusion
For over 19 years Rarick, Beskin & Garcia Vega, P.A. has been asked by more than 400 similar law firms located in states outside of Florida to help their clients resolve legal issues concerning Florida probate, trusts, wills, asset protection, trust administration, tax controversies,guardianship or similar legal work. We welcome the opportunity to assist you.
Disclaimer
The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an attorney that is experienced in Florida estate planning law. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.
Phil Rarick