Posted by Calnotary on 10/25/08 12:53pm
Msg #268201

Irrevocable Trust questions...

Can you put your own home in an Irrevocable Trust? I heard this morning on the Bill Handle show that in order to avoid a lawsuit/Judgement against you, they can't touch your assets in a IT. Does anybody knows this? Not interested in LLC or SCorp. Thank you in advance.

Reply by Linda_H/FL on 10/25/08 1:02pm
Msg #268202

Sent you a P/M... n/m

Reply by Calnotary on 10/25/08 1:45pm
Msg #268204

Re: Sent you a P/M...

Thank you Linda, I will look in to that page.

Reply by Stamper_WI on 10/25/08 5:11pm
Msg #268219

Re: Sent you a P/M...

Can in a revocable trust as well.

Reply by Marian_in_CA on 10/25/08 9:58pm
Msg #268240

Heh. Now, you KNOW Bill Handle tells everyone his legal advice is not that good, right? LOL


Actually, he's right on many things... totally clueless on others. It's good for entertainment, though.

Reply by sue_pa on 10/26/08 10:20am
Msg #268258

I have NO idea who Bill Handle is but unless he's your personal lawyer, why would you trust one of the most important decisions of your financial life, ownership of your real property, to someone on the radio (or tv) or trust 'certified signing agents' out here in cyber world?

And yet we read daily about the homeowners who made bad choices with their loan products the past few years ... seems to be the same situation ... if you don't understand what you're doing, find someone who is looking out for your, and only your, interests and pay them.

Reply by CaliNotary on 10/26/08 6:55pm
Msg #268265

I don't know if I heard the same show, but I recently heard him talking about irrevocable trusts and he certainly did not advise putting your home in one in order to avoid a judgment or lawsuit. He said that if your home was in an irrevocable trust it couldn't be touched by a judgment since it belonged to the trust, not the individual. He also stressed that an irrevocable trust was irrevocable, and that once you did that there was no going back.

The question he was asked was how someone could move an irrevocable trust from one state to another. His answer was that it couldn't be done.

Reply by Marian_in_CA on 10/27/08 2:55am
Msg #268295

About Bill Handel

Sue,

He's a pretty famous talk radio personality based out of Los Angeles. He has a daily show on KFI 640AM. He also has a syndicated Legal Advice show called "Handel on the Law" which has been around for 20+ years. The whole "shtick" of the show is that he openly admits he gives "marginal" legal advice and he openly mocks the people who call in for advice. It's a fairly entertaining show. He pretty much insults everyone in a good natured way. Well, most of the time.

The one aspect of the law that he does know about is reproductive technology and surrogacy issues. It's such a unique specialty that he's one of the few attorneys in the country who know their stuff in that regard.

But asking him about estates and trusts is kind of like asking a urologist to perform surgery on an optic nerve. At least he's open enough to tell people, "Hey I'm a lawyer...but don't expect me to give you the right advice."

Reply by Tess on 10/26/08 12:14pm
Msg #268260

In the past, I worked for an investor and this was how all his holdings were recorded. As always, please consult your attorney as to the legalities!

Reply by Art_PA on 10/26/08 7:58pm
Msg #268272

I have some Enron stock to sell you. Seriously, this is one of the stupidest things you could do. Asset protection planning is very complicated, done only by professionals, and should not be tried at home. If you are worried about being sued, buy insurance.

Reply by SShoreDude on 10/27/08 12:23pm
Msg #268317

I am a lawyer, and all I know is that if I was suing someone and they had thier property in an irrevocable trust, I could still lien against it.

Reply by jba/fl on 10/27/08 1:50pm
Msg #268324

And I could still lean against it.