subject: How Families Are Protecting Assets In Carlsbad Today [print this page] A Carlsbad family lawyer is available to help people with family law issues including asset protection. Asset protection involves financial planning in order to, in essence, protect money from lawsuits. People who have worked hard all their lives for their money do not want to lose all of their savings in a lawsuit.
The reality is that there are many starving lawyers looking for a way to make money by suing people with a lot of money. It makes little sense for a lawyer to encourage his client to sue someone who has no funds to pay a legal judgment. Therefore, for those who have money, it is wise for them to contact their lawyer and create a barrier around their assets.
There are many types of trusts that a person can create in order to have an estate plan in place. But the wealth preservation trust is unique in that it is an irrevocable trust. Most trusts that are used for estate planning are revocable trusts meaning that the creator of a trust retains control and ownership of the property in the trust.
The owner of the trust can change beneficiaries of a trust, change the assets of a trust, or cancel the trust altogether. But once a person creates an irrevocable trust, as the name implies, he cannot revoke it and he no longer owns trust assets. The property and funds are owned by the trust.
However, the trustor controls trust assets in a legal sense. Up until he or she dies of course. Then the assets pass to the beneficiary.
The purpose of this type of trust is to protect assets from lawsuit. The assets are not owned by the grantor so they cannot be lost in a lawsuit filed against the trustor. This is only one of the many plans that a Carlsbad Family lawyer can set up help people protect their money.
