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 http://www.ultratrust.com 71 Commercial Street #150 Boston, MA 02109 tel: +1.508.429.0011 fax: +1.508.429.3034 Testimonials: 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.
Pages to are hidden for
"Living Without an Irrevocable Trust"Please download to view full document