Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Philadelphia Revocable vs. Irrevocable Trusts – What You Need to Know

Posted on Fri Sep 11, 2015, on Trusts

From our “Ask a Question” Mailbag: Philadelphia Revocable vs. Irrevocable Trusts

Most Recently Updated July 21, 2018.

“I am worried about having someone sue me in the future and would like to shelter my assets from creditors. I have read about Irrevocable Trusts and Revocable Trusts, do they both help avoid creditors and lawsuits?”

Where-Do-I-Contest-a-Will

Philadelphia Revocable vs. Irrevocable Trusts

Philadelphia Revocable vs. Irrevocable Trusts

A Revocable Living Trust is a wonderful tool with many uses, but it does nothing to help you avoid your creditors. Because a Revocable Living Trust is “Revocable.” That means you can take the assets back into your name at any time. Because you can take the assets back, any future creditor you have or any future lawsuit judgement against you can be enforced against the trust.

If you create an Irrevocable Trust and fund it before the creditor has a claim or the cause of action arises that creates the lawsuit, it can be designed so that that creditor has no way to access the funds. This means you must give the asset to the trust and have no right to reclaim the asset or control it. If you are willing to give up these rights, though, the Irrevocable Trust might be just what you are looking for.

To give you a better answer I would need to know more about the assets you wish to place in the trust and your overall estate planning goals. Feel free to contact me to set up a free consultation.

More Planning Questions?

Revocable and Irrevocable Trusts are only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Philadelphia Revocable vs. Irrevocable Trusts

I hope that this article was helpful in explaining revocable and irrevocable trusts. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Estate Planning, Estate Planning Attorney, Estate Planning Lawyer, Irrevocable Trust, Pennsylvania, Philadelphia, Revocable Trust

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Rocco D.

I have worked with Peter Klenk & his associates for some time now and I have found them to be ultra-qualified, knowledgeable and diligent about their work. I highly recommend them.

Klenk Law Logo
Stars

Christopher F.

Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!

Klenk Law Logo
Stars

Glenn P.

Peter Klenk ESQ is a thoughtful and capable attorney who we work with on estate planning issues. His firm recently provided us with new Wills, Power of Attorneys and our instructions regarding major health issues. These documents are important for estate and life planning. Peter and his team are masters in the complexities of Estate Law. We highly recommend Peter and his Associates to provide thoughtful advice and outstanding work on these complex issues of the law. Make sure your estate planning documents are up to date, and Peter can be relied on to do an excellent job. Well done Peter!

Klenk Law Logo
Stars

Nafeesha. B

When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...

Klenk Law Logo
Stars

Chantee C.

Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!

Let us put our expertise to work for you.

Free consultation within 24 hours.