|
There are many different types of trusts, however the basic principals of every trust are similar. A trust is a legal arrangement where one person (the “grantor”) gives control of property to a trust which is administered by a “trustee” for the “beneficiaries.”
The trust may be revocable, such as a revocable living trust, as discussed in the ESTATE PLANNING section of this website, or an irrevocable trust. By creating and funding an irrevocable trust, the grantor essentially gifts property to the trust. Since the trust is irrevocable, the property which he transferred to the trust can’t be willfully repossessed by the grantor. Since the property is owned by the irrevocable trust, it is not available to satisfy a judgment against the grantor.
Return to:
Summary of Asset Protection
Methods - at Ourednik law offices
in Jacksonville Beach, Florida.
Call Us:
(904) 280-2611
| The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. |
|
