A lifetime trust has many benefits and can be considered as “perfect asset protection”.
The following are the 3 most important benefits of a lifetime trust:
1. The beneficiaries never receive an outright distribution of one lump sum during their lifetime. The money is kept in trust to ensure the beneficiaries can’t spend all the money at once.
2. The beneficiaries of the trust can receive distributions from the trust at any time for: health, education, maintenance, and support. The trustee of the trust also has discretion on the distributions.
3. If a beneficiary is ever sued or gets a divorce, a creditor or an ex-spouse cannot get to the money.
A lifetime trust can be applied to an irrevocable trust, a revocable living trust or a testamentary trust.
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