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Zimmer Law Firm

Estate Planning & Elder Law Attorneys

513.721.1513
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  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Communities We Serve
      • Butler County
        • Fairfield
        • Hamilton
        • West Chester
      • Clermont County
        • Milford
      • Hamilton County
        • Blue Ash
        • Cincinnati
        • Loveland
        • Montgomery
        • Sharonville
      • Warren County
        • Mason
    • Our Client Care Program
  • Services
    • Estate Planning
    • Incapacity Planning
    • IRA Inheritance Planning
    • Legacy Wealth Planning
    • LGBTQ Estate Planning
    • Medicaid Planning and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Young Adult Protection Plan
  • Live Events
    • Webinars
  • Resources
    • DocuBank
    • Elder Law Resources
      • Blue Ash
      • Cincinnati
      • Elder Law & Medicaid Definitions
      • Fairfield
      • Hamilton
      • Loveland
      • Montgomery
      • Sharonville
      • West Chester
    • Estate Planning Resources
      • Estate & Gift Tax Figures
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Free Estate Planning Checklist
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Legacy Planning Definitions
      • Top 10 Estate Planning Techniques
    • FAQs
    • Pre Consultation Form
    • Probate Resources
      • Blue Ash
      • Cincinnati
      • Hamilton
      • Loveland
      • Mason
      • Milford
      • Probate Checklist
      • Sharonville
      • Trust Administration & Probate Definitions
      • West Chester
    • Presentations
  • Blog
  • Reviews
  • Contact

Home FAQs How can a trust be used to protect my assets?

How can a trust be used to protect my assets?

By far, one of the most popular asset protection planning tools is a trust; however, it must be the right type of trust and the trust agreement must be properly drafted. Trusts are broadly divided into testamentary and living trusts. Testamentary trusts do not activate until the death of the Settlor whereas a living trust activates when all elements of formation are complete. Living trusts can be further sub-divided into revocable and irrevocable living trusts. A revocable trust can be modified or revoked by the Settlor without the need to provide a reason whereas an irrevocable living trust cannot be modified or revoked by the Settlor. Because both a testamentary and a revocable living trust can be modified or terminated by the Settlor, the assets held in the trust are not protected from creditors and other threats. Assets transferred into an irrevocable living trust, however, become the property of the trust, out of reach of the Settlor, and are protected.

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Some years ago, Barry Zimmer suggested we do a basic estate plan for our son when he went to college. We had no idea how important it would be! In our son's freshman year, he ended up in the hospital, and we were able to get crucial information about his condition because we had a health care ...

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