A lifetime trust is also called

• A. A trust known as a durable power of attorney.
• B. A charitable remainder trust.
• C. A revocable living trust.
• D. A lifetime asset protection trust (LAPT).

Answer: (D)

A lifetime trust refers to a trust set up and funded during the grantor’s lifetime, and when it’s used to protect assets, it’s called a lifetime asset protection trust. The key idea is that the arrangement exists in the grantor’s lifetime and aims to shield assets from creditors, which is exactly what the term “lifetime asset protection trust” (LAPT) conveys.

The other options aren’t the same concept. A durable power of attorney is not a trust at all; it’s a document granting someone authority to act for you. A charitable remainder trust is a different arrangement that provides income to beneficiaries and then remainder to charity. A revocable living trust is a common lifetime instrument, but it is revocable and typically not designed for creditor protection.