sflabrkr wrote:
I'm buying an RV that I will fulltime in. I went to my attorney and talked to him about a trust.
I wanted the trust for asset protection in case I'm sued.
He didn't think I needed one for that.
I guess I'm confused as to what a trust is.
I know it keeps you out of Probate.
Can I set it up myself and have a family member be the trustee?
Stefan
Trusts are usually setup for tax purposes or to continue to exist after a person has passed away. There are such things as asset protection trusts, but their use is fairly specific (from what I understand). Usually when trying to use a trust to protect assets you aren't the beneficiary of the trust -- your wife or kids are. If you are a beneficiary of the trust (you receive funds from it), then it opens the door that the person suing you can sue the trust as well.
So, I can see that the attorney makes a point that setting up a trust may not solve the goal of not being sued. People really don't need to have much of a claim these days to sue. They sue you and choose a settlement amount a little less than what they think you will spend in attorney fees to fight them.
Ignoring the entire issue of being sued, everybody needs a will. If you have enough assets, you may need a trust. You could also use trusts for certain situations such as providing for disabled children after you pass away.
2014 Primetime Crusader 296BHS
2015 GMC 2500HD Denali
