What's the Difference Between a Revocable Trust and an Irrevocable Trust?


Attorney Thomas B. Burton explains the difference between a Revocable Living Trust and an Irrevocable Trust and talks about some of the situations where each type of trust is appropriate as part of your estate plan.


Transcript of Video: What’s the Difference Between a Revocable Trust and an Irrevocable Trust?

Today's topic what's the difference

between a revocable trust and an

irrevocable trust well the difference is

in the name which you guessed but it

basically means just what it says

a revocable living trust or revocable

trust is the common probate avoidance

trust we use as a Will substitute it

means as long as you're alive you can

revoke the trust in whole or in part and

change it completely an irrevocable

trust is just that it means once you

form it you cannot revoke it this is

used only in specific situations

sometimes for asset protection sometimes

for estate tax planning other times for

Medicaid planning you shouldn't be

necessarily scared of an irrevocable

trust but make sure you understand it

before you form one for your assets in

addition it may be a wise choice for

certain assets and not others in general

a revocable living trust can contain a

lot of your assets but talk carefully

with your lawyer about which assets

would be appropriate for an irrevocable

trust since it is much harder to change

once it is set up with the right

drafting we can use an irrevocable trust

to achieve your goals and still have

some flexibility but again discuss your

specific situation with your lawyer

Great question!

© 2018 Law Office of Thomas B. Burton. All Rights Reserved.

Transcript and captions provided for ease of access for the hearing impaired.

For questions about this topic, or to suggest a topic for a future blog post, please contact my office.

#IrrevocableTrust #IrrevocableMedicaidTrust #Trusts #RevocableLivingTrusts #WisconsinTrusts #WisconsinLawyer

0 views

© 2020 by Burton Law LLC

 

FOLLOW MY OFFICE ONLINE:

  • Google+ App Icon
  • Twitter App Icon
  • Facebook App Icon