Can I transfer assets to a family Trust remain as trustee during my life and protect my assets from creditors?
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Can I transfer assets to a family Trust remain as trustee during my life and protect my assets from creditors?
Asked on May 7, 2015 under Estate Planning, Illinois
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Remaining as trustee, especially if the terms of the trust give you considerable discretion (e.g. choice or freedom) about how to spend or invest the money would very likely defeat the protection of the trust: a court, if the creditors challenged it, would likely rule that since the money is still under your control, it is still your money, regardless of the technicalities.
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