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In this video, I'll answer one of the most important questions in estate and asset protection planning: Do you need a revocable trust or an irrevocable trust?
I’ll break down the key differences between these two types of trusts, the advantages and disadvantages of each, and most importantly, how to decide which one is right for your unique situation.
Examples of common revocable trusts include living trusts, land trusts, and residence trusts, all of which can be modified based on your evolving needs.
An irrevocable trust, on the other hand, is more rigid but offers significant asset protection. Once assets are placed into an irrevocable trust, you typically cannot change the terms or retrieve the assets, but this provides a stronger layer of legal protection from creditors or lawsuits.
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Show Notes:
0:00 Intro
0:53 Revocable Trust
4:01 Irrevocable Trust
6:53 Qualified Personal Residence Trust
9:43 Important Note
13:16 Distribution Trustee
16:11 Funding Trust with LLC
20:22 Final Notes
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ABOUT CLINT COONS
Clint Coons, Esq. has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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