Estate Planning as a Career

Many people do not truly understand the benefits and advantages of an irrevocable trust especially in a side by side comparison of a revocable trust. A trust is essentially a function to protect one’s assets and belongings. There are many situations and circumstances that give rise to lawsuits and ones that many people think they will never find themselves in; however, as they say, “Life is a bowl of cherries.”

Litigious circumstances arise, for instance, when and if you allow your child, who happens to be under age, to drive yet runs into a nasty accident. Or your wife or husband said she or he is leaving you and she or he wants half of everything you have. Other cases I’ve seen and heard is a business partner just quit and is taking your largest client with him; your dog just bit the mailman and the mailman is pursuing legal action against you for negligence; your son just impregnated his girlfriend and the girlfriend knows you have some money to support the child; your secretary said she was sexually harassed by her co-worker and she knows your company has the money to pay for damages.

Under the protection of an irrevocable trust, you could be sleeping much better at night knowing you are fully and comprehensively protected. You are protected and your assets are protected because you literally do not own anything. You do not own your house, your car, your investment account which holds a large sum of funds save a small checking account with, perhaps, less than two thousand dollars.

So you believe you cannot be sued? You think that you may never be sued. Certainly if you have nothing in your possession than, yes, you will most likely not be sued; however, most people have some assets of considerable value - namely, your real property. Chances then become considerably higher that you can be sued and be dragged into some litigious c (more…)