While Standard Legal cannot speak directly to a specific personal situation, generally cash money or other highly-liquid assets placed or maintained in a revocable Living Trust are not exempt from creditors and their collection efforts.
Living Trust Questions
Answers to Frequently Asked Living Trust Questions
If a Joint Account is Established Separately Outside of a Family Trust, How is the Joint Account Treated When Parents Die?
Joint accounts are owned only by those specifically participating in the account. In most cases, upon the death of one joint account holder, the remaining account holders continue to own the contents of the account.
In Establishing a Living Trust, Should We Designate Our Children as Successor Co-Trustees?
Standard Legal has drafted its Living Trusts so that the children of the maker(s) of the Trust, who are presumed to be the ultimate beneficiaries of the Trust in most instances, are not named as Trustees or Successor Co-Trustees.
That may seem contradictory to many families since the primary reason a Trust has been considered is to provide protected assets to a family’s heirs, but this limitation in structure is based in sound logic.
Can a Co-Trustee Add, Sell or Transfer Property to a Trust Independently?
What actions a Co-Trustee can take in regards to the assets of that Trust depends upon the language contained within the Trust document itself.
Can a Nursing Home Seize Assets From a Trust to Pay for Provided Health Care?
A Trust is a stand-alone legal entity, separate from a person and the liabilities created by an individual.
When Should a Person Use an A / B Trust?
If a person\’s estate is worth in excess of $1.5 million (i.e. $1,500,000), with the proper planning a married couple can take advantage of a marital tax credit, thereby reducing (or reducing the likelihood) of significant federal estate taxes.
Should I Use a Quitclaim or Warranty Deed to Transfer Property from a Trust to an Individual?
The decision as to which type of Deed a person should use to transfer property to another depends upon the type of guarantee the person making the transfer wishes to provide.
Can I Create a Will That Leaves My Estate to My Children and Grandchildren, But Not the Spouse of My Child?
It is not possible to create a stipulation within a Last Will and Testament that prevents access to the distributed assets of an estate by your heir’s spouse. But there are other options.
Must I Notarize New Trust Documents Each Time I Add or Transfer Property on Behalf of the Trust?
The Trustee may transfer property and manage the Trust assets without re-executing the Trust each time.
If a Co-Trustee in a Trust Provides Power of Attorney, Can I Represent the Trust?
If by ‘represent’ you mean in court or in a lawsuit, the answer is no.
A non-lawyer cannot represent a separate legal entity (in this case, a Trust) in any legal proceeding.
And an executed Power of Attorney document would have no bearing on this restriction.