LayRoots

No step-up in basis with an irrevocable trust?

Does a revocable living trust provide any asset protection? (Surprise)

In this episode, Shreya and Colin Ley address a commonly asked question about asset protection and revocable living trusts. While typically, a revocable living trust does not offer asset protection for the creator, they highlight a specific scenario involving a JEST (Joint Estate Separate Trust). This structure can separate assets into different shares to protect a portion from creditors, especially when one spouse is more likely to be sued. Learn how this unique setup might provide some level of asset protection in specific circumstances.

00:00 Introduction and Key Question
00:03 Revocable Living Trust and Asset Protection
00:26 Scenario for Asset Protection
00:37 JEST Trust Explanation
00:52 Spousal Asset Distribution
01:56 Conclusion

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