This lie is perpetrated by shyster "estate planners" to sell you expensive estate plans. A revocable trust does not offer you (the grantor) any asset protection, for any reason: tax reasons, medicaid planning reasons, creditor protection reasons. None, zip, nill, nada. Your revocable trust gives you no asset protection. It is a lie to claim otherwise.
The reason your revocable trust does not protect your assets is that you can revoke your revocable trust anytime you want. In other words, you control the trust. And that means you control the assets owned by the trust. And that means the assets are yours. Which finally means that assets in your revocable trust are up for grabs by someone suing you, period.
Having said that, a revocable trust may have positive tax, medicaid planning, and creditor protection effects under very narrow circumstances. But at the same time, a trust may be exactly the wrong thing to have in medicaid planning or other situations. Or a trust may be unnecessary altogether. Please, just get professional advice as to when a revocable trust is appropriate.
On the other hand, an irrevocable trust–which complies with detailed federal and state laws and which is prepared for legitimate estate planning, business, or tax reasons–can offer some asset protection as a secondary bonus.
In sum be very skeptical about statements that a revocable trust will protect your assets.
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