What are the differences between a revocable and irrevocable trust?

Thinking about estate planning? Wondering What Are the Differences Between a Revocable and Irrevocable Trust? In this episode of The Ask Ralph Show, Ralph Estep Jr. breaks down the key distinctions between these two types of trusts and helps you decide which one is right for your estate planning needs. Ralph shares his personal experience with revocable trusts and how they’ve provided flexibility in his estate planning. Tune in for actionable advice on creating a trust that suits your financial goals.

https://www.askralphpodcast.com/revocable-and-irrevocable-trust/

Podcast Timestamps:

00:00 Episode Overview
00:54 Listener’s Question: Brittany’s Concerns About Estate Planning
02:32 Bible Verse: Proverbs 13:22 – A Good Steward Leaves an Inheritance
03:50 Real-Life Story: Dave’s Decision to Set Up a Revocable Trust
05:00 Revocable Trust: Flexibility and Control
05:30 Modifying or Dissolving the Trust
06:10 Maintaining Control of Assets
06:50 Irrevocable Trust: Permanent but Offers Tax Benefits
07:30 Reducing Estate Taxes with an Irrevocable Trust
08:00 Asset Protection Against Creditors
10:40 Key Takeaways #1 Why Revocable Trust is Likely Your Best Bet
10:59 #2 Why Irrevocable Trust Might Be Worth Considering
11:16 #3 Trusts are Complex Legal Tools
11:26 #4 Consider Your Current Circumstances but Think About Potential Future Changes in Life
11:48 #5 Don’t Let Fear Paralyze You
12:17 Recap and Closing

Website/Resources mentioned:
ALZ WALK - https://nclvm.com/2yziv
https://www.askralphpodcast.com/estate-planning-chat-with-attorney-kevin-baird/

What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/

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