How do you decide if a revocable trust is right for your family, or if it's time to consider an irrevocable trust?

In this episode, I explain how revocable and irrevocable trusts work. You'll learn when one works better than the other, and why putting all your eggs in one basket isn't the answer. I'll cover how trusts help you keep control, avoid probate, shield assets from lawsuits, and even qualify for Medicaid—so you can choose the right path for your situation.

By the end of this episode, you'll know what questions to ask yourself when choosing between revocable and irrevocable trusts, and how each choice can impact your family's security and tax liability. This episode is about making smart, thoughtful decisions so your plan protects what matters most.

Learn how to tailor your estate plan so you stay in control and your family gets what you want.

Chapter Highlights

(00:00) The Big Trust Question: Revocable or Irrevocable—Which Is Right for You?

(02:18) How Revocable Trusts Work to Give You Flexibility

(05:59) The Asset Protection Principle You Need to Understand

(07:38) How an Irrevocable Trust Can be Used for Asset Protection

(10:39) Structuring Trusts to Match Your Goals

(11:48) Medicaid Planning: How Irrevocable Trusts Help You Qualify for Benefits

(14:25) Estate Tax Concerns: When Irrevocable Trust Planning Becomes Essential

(17:04) Why You Need to be Clear about Your Objectives When Choosing a Trust

(20:40) Control vs. Compliance: What the IRS Expects from Your Trust Structure

(24:06) Where to Find More Resources for Estate Planning in Georgia

Reserve Your Spot at Our Next Estate Planning Law Group of Georgia Workshop

https://letstalkestateplanning.com/estate-planning-workshops/

Visit our website to learn more

https://letstalkestateplanning.com/

Call Us

(770) 822-2723

Watch the Podcast on YouTube

https://www.youtube.com/@estateplanninglawgroupofge137

Meet Jim Miskell

Jim Miskell is the principal attorney and founder of the Estate Planning Law Group of Georgia, James M. Miskell, PC, and practices exclusively in the areas of Elder Law, Estate Planning, and Probate. Jim began his law career more than 30 years ago as an Assistant District Attorney, specializing in prosecuting crimes against children and special victims.

For the past decade, Jim has been in private practice as The Estate Planning Law Group of Georgia, James M. Miskell, P.C. and now specializes in wills, trusts, estate planning, and elder law, helping families plan for all stages of their lives.

No two families are the same and no two estate plans are the same. Jim believes that estate planning is most effective when you understand all of your options before making any major decisions. To that end, the Estate Planning Law Group of Georgia, James M. Miskell, PC, offers free educational workshops so that clients discover potential issues and options for their families. Then, in consultation, families can make informed decisions in planning for the future.

Disclaimer

The information provided in this podcast is for general informational and educational purposes only. It is not legal advice. If you need advice about your specific situation, please consult a qualified attorney licensed to practice in your state and experienced in the relevant area of law.