When you create an irrevocable trust, you completely give up all ownership rights to your assets. The assets placed in your trust are safe from creditors and legal judgments because you no longer own them. Each asset that is transferred must be conducted as an “arm’s length” transaction to enjoy this protection. Anything less could be considered a fraudulent transaction in court and the trust considered invalid. Taking the time to correctly transfer your assets will ensure your named beneficiaries inherit your assets.
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