A revocable trust may be a useful tool to avoid probate, to promote privacy, and to provide continuity in the event of incapacity. It is not, however, by definition an asset protection device.
Fla. Stat. § 736.0505 provides the property of a revocable trust is subject to the claims of the settlor’s creditors during the settlor’s lifetime unless exempted by law. Assets in a revocable trust represent probate liquidity when the probate assets are insufficient expenses of the administration and obligations of the settlor’s estate. Fla. Stat. § 736.05053.
Should you have any questions or concerns regarding Revocable Trusts, please do not hesitate to contact the Firm at 813-685-8600.
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