Ask The Hammer: Trusts
Jeffrey Levine, aka "The Hammer" answers questions about Trusts and transferring assets.
Key Takeaways
- Don't transfer assets after an accident or lawsuit threat—fraudulent conveyance laws apply retroactively (typically 4-year lookback), making post-incident transfers easily challengeable in court
- 401(k)s receive strong federal creditor protection under ERISA in all 50 states, while IRAs depend on your state's laws, so check your specific state's IRA protection rules
- Set up asset protection structures (trusts, LLCs, corporate entities) before liability occurs—doing it after creates obvious intent to defraud that courts will reject
- Joint accounts offer weak protection and are risky if sued; the account type (joint with survivorship vs. tenants in common) affects which portion could be seized
- Certain assets like primary residences (homestead exemptions), annuities, and life insurance have built-in creditor protection in many states—know what protections your investments already have
Trusts - Ask The Hammer: In this episode of Ask The Hammer, Jeffrey Levine, aka "The Hammer" answers questions about Trusts and transferring assets. Catch all of the Ask The Hammer episodes at this link: https://www.finstream.tv/videos/ask-the-hammer/
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