Revocable vs. Irrevocable Trusts: Which One is Right for You?
Hosted By:
Louis W. Pierro, Esq.
Founding Partner, Pierro, Connor & Strauss
Pierrolaw
Peter J. Strauss, Esq.
Senior Counsel, Pierro, Connor & Strauss
PierrolawMarch 22, 2025
Hosts: Louis W. Pierro and Peter J. Strauss, Attorneys of Pierro, Connor & Strauss
If you own a home and have accumulated some cash or investable assets, creating a ‘trust’ may be a wise choice for a variety of reasons. But which kind of trust is the best fit for you? Revocable? Irrevocable? Or something else?
On this episode of Life Happens Radio, hosts Louis Pierro and Peter Strauss—two highly experienced estate planning attorneys with over 100 years of combined expertise—will break down the nuances of trust planning. Understanding the differences can significantly impact your estate planning and long-term financial security.
Join us as Peter and Lou provide ‘pro tips’ on trust planning. Here’s a preview:
Revocable Trust
This trust allows you to organize and maintain control over assets during lifetime. As Lou and Peter will tell you, it can be a great option if you:
- Wish to avoid probate for your heirs
- Wish to preserve family wealth and legacy
- Have minor children
- Warning: does not provide asset protection
Irrevocable Trust
This type of trust provides enormous benefits if you want to avoid the soaring costs of long-term care, and to:
- Avoid probate and keep your affairs private
- Protect assets for long-term care needs including Medicaid
- Preserve your home, retirement and lifesavings
- Take advantage of estate and gift tax strategies
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