Living Without an Irrevocable Trust
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
confrontation. Did you know that in California, lawsuits are as common as
eating, drinking, using the toilet, and sleeping? According to superior
court records and statistics, almost nine million (9,000,000) lawsuits
were filed in California during the 2003 to 2004 fiscal year alone and
over 30% of lawsuits were filed in Los Angeles County alone.
What has become a frightening reality is that approximately ninety (90%)
of legal advisors offer the wrong advice. Most of these so-called legal
experts will inform you that a Limited Liability Company or Corporation
or Partnership will avoid fraudulent lawsuits and protect your assets.
Ignorance is bliss. Ignorance is also no excuse and it can cost you a lot
more than just your money. The stress, the heartache, the frustrations of
any lawsuit is frightening and a reality for thousands of people every
day. We all know the reality is that the one who is being sued and with a
considerable sum of funds and assets stands to lose the most and most
will end up in the coffers of the legal advisors themselves. The same
legal advisors who were supposed to help protect your assets initially
offer bad advice to you but good advice to themselves since they
understand that you will be coming back for their services shortly.
author bio - Rocco Beatrice, CPA, MST, MBA
award-winning estate planning & trust expert
MS - Taxation, Master of Science Taxation
MBA - Management / Taxation
BSBA - Management / Accounting
CPA - Certified Public Accountant
71 Commercial Street #150 Boston, MA 02109
tel: +1.508.429.0011 fax: +1.508.429.3034
Robert W., Michigan
Brilliant tax deductions and essential wealth building ideas, that's what
I learned from you. When it comes to protecting assets...
Jeremy K., California
Dear Mr. Beatrice: The information I learned from you is absolutely
invaluable. I have listened to many 'asset protection' attorneys...
Bill W., New York
Dear Rocco, if it wasn't for you, I still would be in the middle of a
most/most unpleasant event. Your persistence of repositioning my assets
with three separate Ultra Trusts® definitely saved me from selling
pencils on...Time Square.