Why Not to Use an Irrevocable Trust for Asset Protection

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[ELV]

I have a mentally ill aunt. My grandmother passed away and left 50, 000 dollars to her.
The lawyers burned through her money in a short amount of time. There's fees for multiple transactions of repeat filing of paperwork.
Large fees with other law offices names on them. It is a complete mess. The billing statements have unidentified fees for large amounts.
There are multiple complaints in regards to this firm for improper management of accounts, clerical mistakes that have cost clients money.

Her account has been emptied by the lawyers and their fees. I feel like they created reasons to file paperwork so they could attach fees for payment.

We cannot afford a lawyer to look into this, so my mentally ill aunt is now left with nothing.

[hithere]

GREAT EXPLANATION!
Thank you for sharing.
Very thoughtful and detailed.

[Arez]

@LegaLees Can I own 100% of a trust and make it a member on all of my LLC(s) so it is not a pass-through entity. Have a holding company own the LLCs so that If I get sued my companies are protected? Would it save me on personal tax?

[midnite]

Great information!
So,
The best Trust would be
Let’s say set up by a parent
For their child.
This way
The parents or the child’s creditors
Could get at the $$$
Is this generally correct?
Thank you!

[fcumufl]

very informative but my mind is not there...I am so very, very sad and upset that Mum/Dad has gone. My ultimate wish was to see Mum again...I was so extremely happy yesterday when I saw Pappa Rotti. Gave me hope. I actually had a shower at 3am in the morning, chose a nice skirt to wear, painted my face with makeup because I really thought I was Mum/Dad would *POP* up. I'm so gutted.

[josephsvennson]

What if you leave a property to your kids and then they invite you to live with them? It's theirs, but I would be a guest. Would that be a self-settled?

[shizzle]

Me me me!!! I love it! Quick question if I’m a beneficiary of a home and would like to convert it into a historical item because it actually is my papa built it and it’s gorgeous. How would I do it?

[kennethyoung]

Sir, it depends on your goals. For instance extreme poverty in a place like Mumbai. You want to create a financial trust to give control a group of the urban poor leverage, but do so in a way where others can't get to the financial resource, set up a trust. Now I am not an expert in any of this stuff, but setting up thousands of local community development corporations, and setting up local neighborhood councils as trustees is a way to fight both poverty and in country corruption at the same time. If my goal is to tackle extreme poverty then this kind of trust seems appealing. Then again I don't know what the laws are in places like India, or in other places.

[KevinNYC]

How do you think the 1% wealthy protect themselves? Irrevocable trust is used. Designed by the lawmakers irrevocable trust prevent assets from being exposed to lawsuits, divorce, and creditor delinquency.

[rachellelyan]

I am so glad to find your channel. Your presentation is much better than everyone else. I am 64 and have a good health. I want to setup a trust. My question is if I setup an irrevocable trust can I still able to use money, sell my stocks or sale my property if I wanted to?
Really liked your channel 👍

[topdocful]

I’m giving it away to something that I control. What is wrong with that?

[adamsmith]

But what if it's something like a house that I want to pass to my young children? I still benefit by getting to live in that house right? Have access to it, make all durations, expand on it, everything.

[allisonmanxr]

Love you videos and your humor Lee! Thanks for the information you share. Rod in SC

[daveforgot]

What about the Bohemian trust with a Nevis LLC

[mistymyers]

I think I chose the right video to watch. God forbid something should happen to me, I don’t want my loved ones stressing. Thanks for the information.

[dudea]

What if both my brother and I are successful, and we create irrevocable trusts for the other's benefit?

[harrychu]

How about an irrevocable trust with a legal entity such as a charitable organization as the beneficiary where by the grantor is an employee and manager of the organization.

[Ryan-jxvh]

In my state you can receive income from an irrevocable trust. I would be real careful giving out blanket advice over legal matters like this..

[harikrishnanchandramohan]

You need the golden egg laying goose alive to enjoy the golden eggs. Thats what irrevocable trust does.

[elmop]

I'm in Ohio where a self-settled trust is allowed. You have mentioned that assets in self-settled trust will be protected from creditors if remains in trust at least 5 years. However, at the end you sad that Irrevocable Trust is not the way to protect assets. Would you please clarify whether or not the self-settled trust in Ohio, where a GRANTOR and BENEFICIARY are the same person, will be protected from creditors. Thanks for help in advance.