There are other limitations with trusts to shield assets. One limitation is that you cannot settle your trust for your sole benefit. For lawsuit protection, you should have no beneficial interest in the trust. Attach no strings to the assets that you transfer to the trust. Second, retain no authority on how your trust or its property is to be managed or invested. And reserve no significant power over the trust. For protection, you must use an irrevocable trust, relinquish control, and beneficial interest, and still your trust assets may be seized as a fraudulent transfer. Trusts are also set aside when a court concludes that a trust is a sham or that the grantor retained de facto control over the trust. As the trust creator, the grantor sets the terms under which the donated assets shall be managed and distributed. The grantor names one or more trustees. The trustee may be the grantor. Only then, should you consider an irrevocable intervivos trust for wealth preservation. Avoid three common pitfalls if you create an irrevocable intervivos trust. First, reserve no power to revoke, rescind or amend the trust, or retain any rights directly or indirectly to reclaim property that you transfer to the trust.
You can achieve all this while retaining lifetime control over your assets. This should alwa.