From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St. Wausau, WI 54403 715-842-0907 jason@eckertlawllc.com 166452 Revocable Trusts Don’t Protect Assets Many people believe that once they set up a revocable living trust, they are protected from lawsuits and long-term care costs. This is not true. While trusts commonly protect a beneficiary’s inheritance, few trusts protect assets previously owned by the settlor from the settlor’s creditors and cost of care. Because the settlor can revoke the revocable living trust and often serves as the trustee, creditors can still access the trust’s assets, as the settlor’s control over them remains largely unchanged. Fully funded revocable living trusts are still excellent tools but need to be complemented with insurance, business entities, and asset protection trusts, depending on your unique circumstances. Schedule an appointment if you have questions about asset protection. We can review your plan and determine what additional steps need to be taken. From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St. Wausau, WI 54403 715-842-0907 jason@eckertlawllc.com 166452 Revocable Trusts Don’t Protect Assets Many people believe that once they set up a revocable living trust, they are protected from lawsuits and long-term care costs. This is not true. While trusts commonly protect a beneficiary’s inheritance, few trusts protect assets previously owned by the settlor from the settlor’s creditors and cost of care. Because the settlor can revoke the revocable living trust and often serves as the trustee, creditors can still access the trust’s assets, as the settlor’s control over them remains largely unchanged. Fully funded revocable living trusts are still excellent tools but need to be complemented with insurance, business entities, and asset protection trusts, depending on your unique circumstances. Schedule an appointment if you have questions about asset protection. We can review your plan and determine what additional steps need to be taken.
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