Revocable vs. Irrevocable Trusts
Revocable trusts avoid probate but offer NO asset protection or estate-tax savings. Irrevocable trusts can do both — but you give up control.
Revocable Living Trust
You're the grantor, trustee, and beneficiary while alive. Avoids probate (private, fast, cheap to settle). Lets you name a successor trustee for incapacity. Does NOT protect from creditors or reduce estate tax — the IRS still treats the assets as yours.
Irrevocable Trust
Once funded, the assets are out of your estate. Used for estate-tax reduction (ILIT, SLAT, GRAT, IDGT), Medicaid planning (5-year lookback), and creditor protection. The trade-off: you lose direct control.
Which to use
Almost everyone benefits from a revocable trust to avoid probate. Irrevocable trusts come into play when the estate is over the federal exemption ($15M/person in 2026, made permanent under OBBBA), or when asset protection / Medicaid planning is the goal.
Educational only — not tax, legal, or investment advice. Talk through your specific situation with a qualified advisor.