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Revocable vs. Irrevocable Trusts: Key Differences for Families in New Jersey and New York
Episode Summary
In this episode, Keith Pedrani breaks down the key differences between revocable and irrevocable trusts—what they mean, how they work, and which one may be the right fit depending on your family’s needs. Keith shares practical insights for young families, professionals, and seniors on how each type of trust affects control, taxes, Medicaid planning, and asset protection.
If you’ve ever wondered which trust makes the most sense for your stage of life, this episode gives you a clear, straightforward guide to help you make an informed decision.
What You’ll Learn in This Episode
Key Timestamps
00:00 – Introduction: Understanding the purpose of trusts in estate planning
01:00 – What a revocable trust is and why it’s popular among young families
03:20 – The meaning of “irrevocable” and when it’s used
05:00 – Comparing trusts: probate avoidance and tax considerations
07:30 – How irrevocable trusts offer asset protection
09:45 – Medicaid planning and the five-year lookback period explained
12:00 – When each trust makes sense for your life stage
14:00 – Can you have both types of trusts? Yes—here’s how
15:00 – Final advice: How to decide which trust fits your family’s goals
Show Description
What’s the real difference between a revocable trust and an irrevocable trust—and which one should you choose? In this episode, Keith Pedrani explains how each type of trust fits different goals, from probate avoidance to Medicaid planning and asset protection.
Learn how young families, business owners, and retirees can use trusts to protect their assets, control ownership, and plan confidently for the future.
For more information or to schedule a consultation, visit pedranilaw.com.
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By dennis2qEpisode Summary
In this episode, Keith Pedrani breaks down the key differences between revocable and irrevocable trusts—what they mean, how they work, and which one may be the right fit depending on your family’s needs. Keith shares practical insights for young families, professionals, and seniors on how each type of trust affects control, taxes, Medicaid planning, and asset protection.
If you’ve ever wondered which trust makes the most sense for your stage of life, this episode gives you a clear, straightforward guide to help you make an informed decision.
What You’ll Learn in This Episode
Key Timestamps
00:00 – Introduction: Understanding the purpose of trusts in estate planning
01:00 – What a revocable trust is and why it’s popular among young families
03:20 – The meaning of “irrevocable” and when it’s used
05:00 – Comparing trusts: probate avoidance and tax considerations
07:30 – How irrevocable trusts offer asset protection
09:45 – Medicaid planning and the five-year lookback period explained
12:00 – When each trust makes sense for your life stage
14:00 – Can you have both types of trusts? Yes—here’s how
15:00 – Final advice: How to decide which trust fits your family’s goals
Show Description
What’s the real difference between a revocable trust and an irrevocable trust—and which one should you choose? In this episode, Keith Pedrani explains how each type of trust fits different goals, from probate avoidance to Medicaid planning and asset protection.
Learn how young families, business owners, and retirees can use trusts to protect their assets, control ownership, and plan confidently for the future.
For more information or to schedule a consultation, visit pedranilaw.com.