Revocable vs Irrevocable Trusts – What’s the difference, and which one should you choose?
In this episode, we break down the pros and cons of both types of trusts so you can make an informed decision when it comes to estate planning, asset protection, and avoiding probate.
Connect with Jim and his team at Easy Legal Planning:
Website: EasyLegalPlanning.com
Email: Service@EasyLegalPlanning.com
You’ll learn:
• What a revocable trust is and when to use one
• The key features of an irrevocable trust
• Which trust protects your assets from creditors
• How each trust impacts taxes and control
• The biggest mistakes people make when choosing a trust
Whether you're planning your estate, helping a loved one, or just trying to understand how trusts work, this video simplifies the complex legal differences so you can confidently plan your financial future.
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Watch next: https://youtu.be/nkFQmsdCW-I
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⏰ TIME CODES ⏰
0:00 Teaser
0:37 The Set Up
1:03 Definitions
2:04 Liability Protection Differences
3:18 Medicaid Implications
6:30 Downsides of Irrevocable Trusts
9:13 Estate Tax Implications
11:37 Interesting Rules with Irrevocable Trusts
14:20 Who Fits for Revocable?
15:30 Public vs Private Records
17:15 Who fits for Irrevocable?
20:10 When to Look at Medicaid Trusts
22:26 Costs
23:17 Costs of Revocable
24:28 Costs of Irrevocable
25:18 Jim's Costs
26:45 What it Looks Like
27:49 Mortgages and Revocable vs Irrevocable
31:27 Irrevocable Life Insurance Trust (ILIT)
33:01 "Own Nothing, Control Everything"
34:52 How Jim Can Help
35:55 How Long Does it Take?
37:16 Digital vs Printing
37:57 Where to Store Trust Docs
39:38 Blooper
#EstatePlanning #TrustsExplained #RevocableTrust #IrrevocableTrust #FinancialPlanning
