Can Creditors Come After My Living Trust?
Ian Filippini and Filippini Wealth Management knows that there can be many questions surrounding estate planning. Estate planning can be a big and complicated process, but it does not have to be. Ian Filippini says that if you have a professional by your side, then the estate planning process should be quite simple and should give you peace of mind, rather than stress you out. The whole point of creating an estate plan, according to Ian Filippini, is to make sure whomever you wish gets to keep as much of your estate as possible, at the time of your death. Of course death is not the most pleasant of conversations, but it is something that will happen to us all, and it is best to be a financially prepared as possible. Ian Filippini and Filippini Wealth Management suggests that you talk with your own estate planning specialist to discuss any questions or details that pertain specifically and personally to you. In this article Ian Filippini and Filippini Wealth Management will briefly discuss if the property in your trust is safe from creditors.
Ian Filippini and Filippini Wealth Management would first like to review what a living trust is. Ian Filippini says that a living trust is something that you put property in to and create a trustee and a beneficiary. Ian Filippini says that some people even are beneficiaries of their own living trust (of course there would be a secondary beneficiary to get the property after your death). Ian Filippini says that people usually create a living trust to avoid that property going through probate when they die. Since the trust owns the property, not a person, it is not technically considered part of the estate eligible to go through probate. Ian Filippini and Filippini Wealth Management asserts that creditors can still go after the property in a living trust to collect on any debt.
Filippini Wealth Management is not licensed to practice law and is not a law firm. Ian Filippini is also not licensed to practice law and is not an attorney. Consult with your licensed attorney for any legal advice or legal concerns you may have.
Filippini Wealth Management was created and founded by Alfred Filippini (Ian Filippini’s late father). Filippini Wealth Management’s current president is Ian Filippini. Ian Filippini is a Santa Barbara local and Filippini Wealth Management is located just outside Santa Barbara in a town called Montecito, California. Ian Filippini’s brother, Alex Filippini, has always been close by to lend a hand with Filippini Wealth Management, Ian Filippini’s mother, Deborah Filippini, is alive and well in the Santa Barbara area.