Posted by Philly Dave on October 27, 1998 at 06:50:58:
Clarence,
Bill is right. Don’t expect much protection from a trust unless you are willing to put it there (for the benefit of someone else) and relinquish your own power to take it back. If for any reason that’s not what you want to do, then either (1) don’t put the property into trust, or (2) speak to an attorney in the state where the property is located to find out what benefit (and detriment) would flow from placing it in a trust. Good luck, Clarence!
I have heard that pure trusts are the be all and end all in asset protection. Does anyone have any experience with pure trusts as it relates to real estate ownership ?
Posted by Bronchick on October 26, 1998 at 18:24:27:
“Pure” trusts, “constitutional trusts,” and anything with a similar name, style or approach are all B.S. A trust must be irrevocable and non-grantor to have any real asset protection benefits.