Can I be real with you? The internet has been lying to you about revocable trusts.

THE TRUTH ABOUT REVOCABLE TRUSTS CAN I BE REAL WITH YOU? THE INTERNET HAS BEEN LYING TO YOU ABOUT REVOCABLE TRUST. SO HERE'S THE TRUTH FROM AN ACTUAL LICENSED ATTORNEY. POINT NUMBER ONE, A REVOCABLE TRUST GIVES YOU ZERO ASSET PROTECTION, NADA, NOTHING, ZILCH. IF YOU CAN REVOKE IT, CREDITORS CAN REACH IT. THAT INCLUDES LAWSUITS, DIVORCES, BANKRUPTCY, JUDGMENTS, MEDICAID. IF YOU RETAIN FULL CONTROL, LEGALLY, THOSE ASSETS ARE TREATED AS IF THEY'RE STILL YOURS. POINT NUMBER TWO, A REVOCABLE TRUST IS NOT A SEPARATE LEGAL ENTITY FOR TAX PURPOSES, WHICH MEANS THE IRS TREATS THE TRUST AS A GRANTOR TRUST AND ALL OF THE INCOME IS REPORTED ON YOUR PERSONAL TAX RETURN. THE TRUST DOES NOT FILE ITS OWN TAX RETURN. THERE IS NO SEPARATE TAX IDENTITY DURING YOUR LIFETIME. WHICH BRINGS ME TO POINT NUMBER THREE, A REVOCABLE TRUST DOES NOT NEED ITS OWN EIN NUMBER WHILE THE GRANTOR IS STILL ALIVE. THE TRUST USES THE GRANTOR'S SOCIAL SECURITY NUMBER BECAUSE THE IRS IGNORES THE TRUST FOR TAX PURPOSES. AN EIN NUMBER IS NEEDED ONLY AFTER THE GRANTOR DIES. POINT NUMBER FOUR, ASSETS ARE NOT AUTOMATICALLY OWNED BY THE TRUST JUST BECAUSE YOU WROTE IT OUT IN THE TRUST. YOU MUST FUND THE TRUST. FOR EXAMPLE, RECORDING A NEW DEED FOR REAL ESTATE, RETITLING BANK ACCOUNTS AND BROKERAGE ACCOUNTS, UPDATING YOUR BENEFICIARIES ON YOUR LIFE INSURANCE POLICIES, ASSIGNING YOUR LLC INTEREST AND BUSINESS INTEREST. UNTIL THESE THINGS HAPPEN, YOUR TRUST IS JUST AN EMPTY TREASURE BOX. SO DON'T LEAVE THE FATE OF YOUR ASSETS IN THE HANDS OF SOMEONE WHO DOESN'T HAVE A LICENSE TO PRACTICE LAW. IF YOU WANT TO SPEAK WITH A REAL ATTORNEY ON HOW TO CREATE A TRUST THE RIGHT WAY, COMMENT THE WORD TRUST TO SET UP A CONSULTATION.