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Old 16-09-2019, 14:17   #16
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Re: Protecting your vessel with a trust

Not a lawyer, and don't play one on TV (so this is worth what you paid for it), but...

Revocable trust, aka "living trust" - used for probate avoidance (saves money in many states, but totally unnecessary in others), but provides zero asset protection benefit.

Irrevocable trust - if trust is "self settled", meaning you contribute the assets and you are the beneficiary (even with a third party trustee), also provides no meaningful asset protection. There are a handful of states that have enacted legislation to promote these specifically as asset protection vehicles, but you have no guarantee that this will be respected if a lawsuit is brought, or the liability arises, in another state.

Family Limited Partnership or FLP - can provide strong (but not bulletproof) asset protection depending on the laws of the state where it's formed, and where the liability arises. Speak with a FL attorney about whether a FLP could work in your specific circumstances. May have ongoing annual costs of at least a few thousand $$ for tax prep and legal advice. May also limit your options when shopping for insurance.
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Old 16-09-2019, 14:34   #17
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Location: Lake Ont
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Re: Protecting your vessel with a trust

Originally Posted by N1EYO View Post
Iím wondering about protecting everything Iíve been working for by placing everything in a non-revocable trust. Any lawyers here that could educate me?
To the OP - would you please expand on what you're thinking about protecting, and from what?
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