Posted by /Ralph C in Va on June 09, 1999 at 07:24:07:
Thanks for the reply.
If he uses a trust to enter into a l/o, he has more protection.
So I agree that if he enters into a l/o personally, his personal asets are more exposed.
The trust I use does not give the beneficiary the right to control the Trustee. The beneficiaries cannot be held liable, only the trust itself can be held liable, and only the trust’s assets exposed to liability.
If your trus exposes the beneficiaries to liability, I’m not sure I would use it, but you could have the beneficiaries be a corporation, and have few if any assets in the corp.
Ralph C in Va.