What is the Best Type of Trust To Protect Assets?

While a revocable living trust does not provide direct asset protection, it does offer several benefits. It allows you to maintain control over your assets during your lifetime and enables the seamless transfer of assets upon your death, avoiding probate. An irrevocable trust, on the other hand, is a popular choice for asset protection. Once assets are transferred into an irrevocable trust, they are no longer considered part of your estate and are protected from creditors, lawsuits, or other potential risks. However, it’s important to note that the transfer is permanent, and you relinquish control over the assets  to determine if taxes are owed.