San Jose Asset Protection Lawyers
Experienced Estate Planning Attorney in San Mateo, Alameda, and Santa Clara Counties
What happens to the assets you worked so hard to earn after you are deceased? In most cases, they are distributed to your heirs who then decide for themselves what to do with them. They can spend the money on a vacation or gamble it away. Even if they plan to use the money responsibly, it may disappear if your heir loses a lawsuit, goes bankrupt, or in some cases, becomes divorced.
A revocable living trust allows for the protection of assets after they have been passed on to your children, grandchildren, or other beneficiaries. While you cannot protect the assets held in trust from your own creditors, you can do so for your heirs. Creditors cannot be paid from the trust because your heir doesn't own the assets in it, the trust does.
The asset protection is an often overlooked feature of trusts that make them an attractive option for many people. To learn more about trusts and asset protection, please contact an estate planning attorney at Manassau Law Offices, P.C. in San Jose, California, today. We offer a initial consultation.
You can decide whether or how much access to the funds in the trust you want your heirs to have. Many trusts allow the trustees (the people you designate) to use the assets for their health, support, maintenance, or education. These categories allow nearly any expense, from a new car to a trip to Hawaii, to qualify as a valid use of trust funds.
You may also decide you want to limit the use of the trust funds by your children, for example, so that it can be passed down to your grand children.