Rickard has made poor financial choices over the years and is now in collections with several creditors. Despite his high net worth, Rickard does not feel he should pay several of the creditors and wants to be able to enjoy his assets. He has done some research and has decided that he would like to protect his assets from their reach by creating a trust. Which one of the following trusts would you recommend to Rickard?

A)

Rickard should create an irrevocable trust and name third-party beneficiaries, but may retain a future reversionary interest in the event those beneficiaries do not deplete the trust assets.

B)

Rickard should create an irrevocable trust without retaining any right to, or control over, the trust assets, despite his desire to enjoy the property.

C)

Rickard should create a domestic revocable trust.

D)

Rickard should create an irrevocable trust, since he can retain an income interest.