DOES THE REVOCABLE LIVING TRUST PROVIDE PROTECTION FROM CREDITOR CLAIMS?
In Florida, the trust assets are not protected from the claims of your creditors. During your lifetime the assets in a revocable trust are treated as owned by you, and subject to the claims of your creditor as if you owned them in your personal name. If the revocable trust assets remain in trust after your death, the interests of the beneficiaries may be protected from their creditors by a “spendthrift” provision in the living trust agreement. Florida law provides special protection for many types of assets, including assets owned by a husband and wife as “tenants by the entirety.” Consideration should be given to these assets when you decide how to fund your revocable trust. Your estate planning attorney can advise you on the types of assets that offer creditor protection and the effect of funding your revocable trust with them.(Back to Top) DOES THE TRUST PROVIDE PROTECTION FROM THE ELECTIVE SHARE? Florida law provides that a surviving spouse is entitled to a minimum portion of the d
