Control Everything, Own Nothing
What is it?
This powerful estate planning philosophy uses irrevocable trusts to remove assets from your taxable estate while maintaining practical control. You transfer assets to a trust you don't technically "own," but through careful trust design—including trustee selection, trust protector powers, and distribution standards—you maintain significant influence over how assets are managed and distributed.
Why is it important?
By not "owning" assets, they're protected from: personal lawsuits and creditors, divorce proceedings, estate taxes, nursing home spend-down requirements, and business liabilities. Yet through strategic trust design, you can still live in your home, benefit from investments, and guide how your wealth is used. This is how wealthy families protect assets across generations.
Example Language
A grantor creates an irrevocable trust naming a trusted friend as trustee, with the grantor's spouse as a beneficiary. The grantor serves as Trust Protector with power to replace trustees and modify administrative provisions. The trust owns the family home and investment accounts, but the family continues living normally—protected from outside claims.