• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
  • Services
    • Asset & Business Planning
    • Dental Practice Law
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Carmel, Indiana Elder Resources
        • Fishers Indiana Elder Law Resources
        • Greenfield, Indiana Elder Law Resources
        • Greenwood Elder Resources
        • Indianapolis Elder Law Resources
        • Lawrence Elder Law Resources
        • Plainfield Elder Resources
        • Zionsville Elder Law Resources
    • Estate Planning
      • Estate Planning Checkup
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Asset Protection Planning
        • Business Succession Planning
      • Elder Abuse
      • Elder Law
        • Medicaid
        • Medicaid Planning
        • Planning for Long-Term Care
      • Estate Planning
        • Avoiding Estate Taxes
        • Estate Planning for Parents
        • Frequently Asked Questions for Families Without an Estate Plan
        • LGBTQ Estate Planning
        • Women and the Need for Estate Planning
      • Financial Planning
      • Incapacity Planning
      • Legacy Wealth Planning
      • Pet Planning
      • Philanthropy in Your Estate Plan
      • Probate
      • Power of Attorney
      • Small Estate Administration
      • Trusts
        • Trust Administration
        • Trust Administration
        • Serving as Executor
      • Understanding Your Social Security Retirement Benefits
      • Wills
        • Contesting a Will
    • Newsletter
    • Pre Consultation Form
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Carmel, Indiana Probate Resources
        • Greenfield Probate
        • Greenwood Probate
        • Indianapolis Probate
        • Plainfield Probate
        • Indiana Probate
        • Zionsville Probate
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Areas We Serve
    • Boone County
      • Lebanon
      • Zionsville
    • Hamilton County
      • Carmel
      • Fishers
    • Hancock County
      • Greenfield
    • Hendricks County
      • Brownsburg
      • Plainfield
    • Johnson County
      • Franklin, Indiana
      • Greenwood
    • Marion County
      • Central Indiana
      • Indianapolis
  • Blog
  • Contact Us

Frank & Kraft, Attorneys at Law

Indianapolis Estate Planning Attorneys

CONNECT WITH US TODAY(317) 684-1100

Attend a Free Workshop
Home » Are There Trusts That Provide Asset Protection in Indianapolis IN?

Are There Trusts That Provide Asset Protection in Indianapolis IN?

December 10, 2013Asset Protection

asset protection in indianapolis in

We like to answer frequently asked estate planning questions here on our blog.  Recently, we covered the topic of revocable living trusts and asset protection in Indianapolis IN.

To recap, a revocable living trust is popularly used as an alternative to a last will to enable probate avoidance.  Probate is a legal process that your estate must pass through before the heirs to the estate receive their inheritances.

People often take steps to avoid probate because it can be time-consuming and expensive.  When you convey assets into a revocable living trust, the trustee that you choose when you create the trust distributes monetary resources to the beneficiaries after you die.

These distributions are going to take place outside of the process of probate.  As a result, the beneficiaries will receive their inheritances in a timely manner.

These trusts are indeed revocable.  On one level this term is self-explanatory.  You can revoke or dissolve the trust entirely at any time.  It would no longer exist.  The property that you conveyed into the trust will once again become your direct personal property.

However, there is flexibility beyond this.  You can act as the trustee and the beneficiary while you are living, so you never surrender control of the assets.  Though the assets are technically in a trust for probate purposes, you can still do whatever you want to do with these resources.

Because you retain what are called “incidents of ownership,” assets that have been placed into a revocable living trust would not be protected from creditors, claimants, or divorce settlement proceedings.

Irrevocable Trusts

While a revocable trust will not provide asset protection, there is also such a thing as an irrevocable trust.  There are various different types of irrevocable trusts.  To speak generally, assets that have been conveyed into an irrevocable trust would in fact be protected from attachment.

When you place assets into an irrevocable trust you can’t revoke it.  Though it may be possible under certain circumstances through a special power of appointment, for the most part the terms of an irrevocable trust cannot be changed. You are truly and genuinely surrendering incidents of ownership.

In addition to the utilization of irrevocable trusts there are other ways to protect assets.  People who may face litigation associated with their business practices often use limited liability companies to separate personal assets from business assets.

Family limited partnerships can also be effective when you are looking asset protection.

Asset Protection Consultation

This is a brief look at asset protection planning. If you are interested in learning more, we invite you to contact our firm to schedule a free consultation.  We will evaluate your unique personal situation, apprise you of your options, and make the appropriate recommendations.

  • Author
  • Recent Posts
Paul A. Kraft, Estate Planning Attorney
Paul A. Kraft, Estate Planning Attorney
Paul Kraft is Co-Founder and the senior Principal of Frank & Kraft, one of the leading law firms in Indiana in the area of estate planning as well as business and tax planning.

Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Paul A. Kraft, Estate Planning Attorney
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
  • Is a Senior Life Settlement Right for Me? - February 2, 2023
  • Understanding the Annual Exclusion - January 31, 2023
  • Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023

Other Articles You May Find Useful

Asset protection planning
Asset Protection Planning for Seniors
Indianapolis asset protection planning attorneys
Asset Protection Trusts – What You Need to Know
in-laws
How Can My “In-Laws” Threaten My Assets?
Carmel asset protection
How Might Estate Taxes Threaten Your Assets?
Indianapolis asset protection attorneys
5 Hidden Threats to Your Assets
Carmel asset protection planning
Why is Carmel Asset Protection Planning Important?

Primary Sidebar

Frank & Kraft, Attorneys at Law

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscription

Where We Are

Frank & Kraft Attorneys at Law
135 N. Pennsylvania Street Suite 1100
Indianapolis, IN 46204-2485
Phone: (317) 684-1100
Fax: (317) 684-6111

See Larger MapGet directions

Office Hours

Monday8:00 AM - 5:00 PM
Tuesday8:00 AM - 5:00 PM
Wednesday8:00 AM - 5:00 PM
Thursday8:00 AM - 5:00 PM
Friday8:00 AM - 5:00 PM

Map

frankkraft_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

Frank & Kraft Attorneys at Law
Attorney Advertisement

© 2023 American Academy of Estate Planning Attorneys, Inc.

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us