There are many different myths out there about how trusts can be used in the estate planning process, and it is very important to educate yourself as well as to work with a qualified estate planning attorney. A knowledgeable estate planning attorney can tell you a lot more about how this process works and how best to use a revocable trust as part of your estate plan.
It is also important to identify whether or not a revocable trust is the right tool for your estate planning goals and this can only be accomplished by communicating directly with an experienced and dedicated attorney. A lawyer can tell you more about how best to use a revocable living trust and can assist you with determining your next steps in these situations. If you transfer your assets to a revocable trust, you still maintain control over those assets.
This means that assets inside a revocable trust typically receive no protection from creditors. There are, however, certain kinds of irrevocable trusts that can be created under the laws in specific states that do provide protection from creditors. But even these asset protection trusts may not protect the assets from creditors whose claims exist or come about before the creation of the asset protection trust. Since this is a very specialized area of the law, you should work directly with a qualified and experienced attorney to help you with this process.
A New Hampshire or Maine estate planning lawyer familiar with trusts can assist you with your own personal strategy so that you can make informed decisions about your future.
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