• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

phone iconNC (704) 944-3245
KY (606) 324-5516
Attend A Free Seminar - KY Attend A Free Webinar - NC/SC THIS IS AN ADVERTISEMENT

  • Home
  • About Us
    • About Our Firm
    • Attorney and Staff Profiles
  • Practice Areas
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
    • Veterans Benefits
  • Communities We Serve
    • Kentucky
      • Boyd County
        • Ashland
        • Florence
      • Kenton County
        • Covington
        • Fort Mitchell
        • Independence
    • North Carolina
      • Mecklenburg County
        • Charlotte
        • Davidson
        • Huntersville
  • Resources
    • Definitions
    • DocuBank
    • Elder Law
      • Elder Law Links
      • Elder Law Reports
      • Local Elder Law Resources
        • Ashland Elder Resources
        • Covington Senior Resources
        • Huntersville Elder Law Resources
        • Independence Senior Resources
    • Elder Law Reports
    • Emergency Legal Documents
    • Free Estate Planning Seminars
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Kentucky Probate Resources
      • Ashland, Kentucky Probate Resources
    • Newsletters
    • North Carolina Probate Resources
      • Huntersville, NC Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law Reports
      • Estate Planning for Niches
      • Trust Administration
  • Contact Us
  • BLOG
Home » Estate Planning » Asset Protection Planning » Can a Trust Provide Asset Protection in Charlotte NC?

Can a Trust Provide Asset Protection in Charlotte NC?

March 25, 2019 by John Potter

asset protection in charlotte ncThere is no one way to plan an estate. This is something to keep in mind if you are tempted by websites advertising do-it-yourself estate planning.

You may find your way to a site that will allow you to download a generic last will or perhaps a living trust. It looks like all you have to do is pay a fee, download a form, and fill in some blanks, and you are all set.

First off, consumer watchdogs such as Consumer Reports have advised against do-it-yourself estate planning because unintended consequences can result. This is true even if you select a last will and a last will is indeed a good solution for you.  In addition, though, if you don’t make an informed choice you may not choose the correct vehicle of asset transfer. With this in mind, let’s look at asset protection in Charlotte NC.

Asset Protection Planning in Charlotte North Carolina

What is asset protection? Asset protection involves positioning your financial resources in a way that keeps them safe from creditors and litigants. In North Carolina, effective asset protection techniques can also keep certain assets out of the picture when divorce negotiations are underway.

In a very real sense everyone should be concerned about asset protection to one degree or another. However, some people are naturally going to be more concerned than others. This includes people who are in lines of work that are vulnerable to lawsuits, such as physicians and real estate investors.

Getting back to our original thoughts on do-it-yourself estate planning, if you simply create a last will, you are doing nothing to protect your assets for your own purposes. You’re also doing nothing to protect the assets that you are leaving behind from your beneficiaries’ creditors.

Trusts and Asset Protection

You may automatically assume that assets would be protected if you place them into any type of a trust. But it is important to understand that there are revocable trusts and irrevocable trusts.  As the name suggests, a revocable trust can be revoked or dissolved. Therefore, you don’t really surrender ownership of assets placed into a revocable trust because you take these assets back any time you want to for any reason.  As a result, assets that have been conveyed into a revocable trust would not be protected from creditors.

Conversely, you do in fact surrender some control when you place assets into an irrevocable trust. You don’t own the assets anymore and can’t demand them back; the trust owns the assets, and the trustee manages them according to the instructions you put in the trust.  Because of these restrictions, assets placed in an irrevocable trust may be protected from lawsuit judgments and other creditors; and assets you leave in trust for your heirs can be protected in case they have a divorcing spouse, lawsuit judgments, or other creditors.

To find out more about whether a trust can provide your family with asset protection, contact the experienced estate planning and asset protection attorneys at the Potter Law Firm.  We can be reached at (704) 944-3245 (Charlotte, NC and Huntersville, NC) or for individuals in Kentucky, at (606) 324-5516 (Ashland, KY) or (859) 372-6655 (Florence, KY).

  • Author
  • Recent Posts
John Potter
Latest posts by John Potter (see all)
  • What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
  • How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
  • Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022

Filed Under: Asset Protection Planning, Estate Planning Tagged With: Asset Protection, asset protection in charlotte nc, Trusts

Other Articles You May Find Useful

6.2 asset protection
Asset Protection Planning Will Provide Peace of Mind
asset protection
What Type of Trust Protects Assets?
irrevocable trusts
What are the Advantages of an Irrevocable Trust?
Florence asset protection planning
Florence Asset Protection Planning
Ashland Medicaid attorneys
If You Don’t Understand the Medicaid Look-Back Rule You May Be in Trouble
Florence asset protection attorneys
Understanding How Your Asset Protection Strategies Work

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
Texting Permission

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

Testimonials

default image

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

default image

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

default image

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

<< Prev
Next >>

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

Map/Location

potter_sidbr_map
potter law logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc. THIS IS AN ADVERTISEMENT