Does a revocable living trust offer asset protection?
A revocable living trust does not offer asset protection for you as the preparer or the grantor of that trust. Asset protection is typically obtained when you have an irrevocable trust giving your assets away to somebody who’s going to manage those assets for you and then your trustee takes over those assets. That’s true asset protection planning. A revocable trust is designed for you to still have control of those assets, and when you have control of those assets, that does not offer asset protection from your creditors.