Difference Between a Revocable vs Irrevocable Trust

[@lilliemoss4642]

Mr Paul Rabalais Out of all the videos I've watched today on this subject, Your explanation is the easiest for me to understand/comprehend, Thank you.(Sometimes Lawyers assume all people have the same level of vocabulary as them or they intentionally talk over your head because they want to intimidate you)

[@alluniquefashion6202]

HE IS A GREAT TEACHER. I AM KEEP WATCH HIS VIDEOS. I LEARN A LOT FROM HIM

[@Elizabeth-yg2mg]

I agree with the others--the way you give information makes it go right into my brain. You seem like a "safe" attorney and I'm gradually watching all of your videos--thanks.

[@nathaliefrancois3665]

Thank u so much for this. Best explanation of Revocable Vs Irrevocable I've seen. Thank u..😊

[@reneebourgeois8181]

Love your howling pup in the background! Great sound effects of we who have to deal with estate!

[@clementaustrie6371]

Need to watch this 10 more times to gather more ideas. But from the first listen it helped a lot. Thanks for sharing, shouts from NYC!!!

[@phyllisgovia4253]

Hello, thank you! I have a very good elderly friend who doesn’t understand these things and wants to leave certain assets to his children. The fact that he is very hard of hearing even with aids and I can use subtitles fir him to read is a great help.

[@winstonanglu]

Bonjour, l am a Canadian who lives in Vancouver British Columbia Canada. I watch all of your KZbin videos in your channel. I love your videos.

[@americasestateplanninglawy1946]

Thanks for watching from Vancouver! 😍

[@StevenMRA]

I am a retired 51 year old veteran who is now a 2L in law school. LOVE your videos. Not the area of law I plan to practice (though you certainly have my respect brother) - I am attending law school to become an ADA in Alaska (where I was stationed and still have a house) I post your videos to my FB page - you have a great knack for explaining things in a way that they are easy to understand. This channel was a great choice to put your area of the law "out there" and to help folks understand estate planning. Of course "Always consult an attorney" - be well - and thanks for your hard work in making these videos.

[@Elizabeth-yg2mg]

What is an ADA?

[@StevenMRA]

@@Elizabeth-yg2mg Oh, sorry - Assistant District Attorney. I should avoid "jargon" and just spell things out - my mistake.

[@Elizabeth-yg2mg]

@@StevenMRA Thanks--good luck!

[@ginalowe9103]

Assistant District Attorney.

[@ArnoldZiffle-jw2mv]

@@StevenMRA seriously you need to get into estate planning when you start your practice, you will help all your clients avoid probate & other negatives. I worked in a big estates & probate department as a young person & it was easy once you learn the rules. All of our corporate business clients eventually became our estate planning clients because its just a natural progression.

[@Probate_Help_Palm_Beach]

Love all the videos but this is my favorite because it's A)very informative (as always) and B)LOVE the person/human side of hearing the dogs barking in the background :)

[@letslearn3487]

These videos really helped me work through knowing the difference between the 2 choices for a trust!

[@hmomoney1]

thank you for being crystal clear in your explanation, happy to have found your channel

[@mogabian]

Video was very well done. I like how you simplify the information so it makes sense. Some of these legal jargons are difficult to comprehend.

[@debbiedouglas2264]

I have learned so much from your videos! Thank you so much for sharing your knowledge with us. It’s been a huge help to us.

[@forlingchan9237]

Thank you so much for giving such good video. Your explanation is clear, straight forward and I am going to watch all your videos.

[@kimjah758]

This was really good. Way better than what I've been reading online which really wasn't helpful to the specifics. You may think you provided high level, but I thought was very detailed. Thank you!

[@americasestateplanninglawy1946]

Awesome, thank you!

[@danielstevenson1250]

In SC, if the property adjoins the homestead property,nursing homes can’t touch it,even if a road divides it. If property is in another area,but you use the land for income,they can’t touch it.

[@donreinholz8121]

Thanks for keeping us informed!

[@ritatharp5238]

God bless you for sharing this information. I have no experience on any of this. I'm learning.

[@charvidana4671]

Thank you so much for your videos. You explain everything clearly, giving me the ability to understand what you are teaching us. This is coming from someone who has problems in comprehending and retaining information I hear. Especially ‘boring’ things about Real Estate. Thank you!

[@explodingdynamite5535]

🤣🤣

[@explodingdynamite5535]

But so true

[@mariedigby4]

Thank you, Paul! Your videos and resources are invaluable to me as I finally begin the financial education for myself I never received when I was younger! Infinite gratitude to you!

[@kinvert]

Thanks government for creating such a mess of a system that we have to go through the expense of figuring this kind of crap out.

[@duster3250]

They are crooks thats why hoping theyl tire our beneficiaries out til they give up n let big gov take the$$

[@sowosowo8214]

not that hard to read 😂 thankful for things like this because theres family member that will try to take the whole house and kick the other family members out.

[@kinvert]

@@sowosowo8214 Yeah? Who would enforce that crap? The government. Otherwise the rest of the family would deal with it.

[@jussme8820]

They do it to confuse the sheeple but what really angers me is how much money they STEAL to simply piss it away

[@Comments1-vc8jg]

Government? Try blaming your crazy uncle / aunt or drug addicted siblings....or greedy lawyers. Or yourself? Aside from avoiding probate (which can actually help people from getting screwed over), trusts are mostly about dispersing and protecting your assets.

[@nephafranks9688]

truly appreciate the way you present this information

[@donaldhughes7234]

Thank you for breaking this down as simply as possible.

[@elsiewest9235]

I think I like the revocable trust because that way you can kinda like change things and take things out so I’m gonna go revocable. Thank you for your input and keep on putting out more information about anything thank you.

[@Lovelydancerss]

Thank you for the concise information. I know what direction to take.

[@rhrh9128]

Is an revocable trust immune to liens imposed after death but before the estate is sorted? Do all revocable trusts become irrevocable upon death of the grantor? If not, is there a short answer to why or when? Thank you for your simple and easy to assimilate descriptions of very complex monetary establishments.

[@jackmayberry6295]

Appreciate the effort! Currently trying to do a trust and VERY USEFUL! Thanks

[@MsKaykay626]

Great teacher. Presented in very understandable terms

[@Ted204K]

I want to set up both types of trusts and don’t not want ANY attorneys involved after the setting of the trusts with total control. In Detroit a greedy attorney is on trial for stealing money from the heir to the Carrhart estate.

[@dannyfrancis8944]

Answered my questions. Thank you for serving those who you’ll never otherwise interact with.

[@chartpattern4603]

I appreciate the video, but I'm more confused after watching it than before. You probably explained it well, but it's just an incredibly complicated subject.

[@addanetorica311]

studying for series 66. thanks for the vids

[@davidwilliamson6583]

THANK YOU.....VERY WELL EXPLAINED.............SAVED...FOR FUTURE USE FOR FAMILY...ETC

[@mattgators13]

Great explanation. Tax accountant that does prepares plenty of these trust.

[@johnison76]

Thank you. I found the video very informative.

[@castorilaunda5762]

Excellent explanation between a revocable and an irrevocable trust. Are you a university law professor? Your answers are so clear and concise that most people can understand them. Thank you for this great video. Cassie. From Dallas, TX

[@kimberlyo2037]

Thank you for this information! You explained everything very well. You said to ask questions, so here’s my question😊 My situation is I’m going through a divorce, and I hate to have to sale our home since Hawaii real estate has sky rocketed I would like to pass the home to our children instead of selling it, so I was thinking to do an irrevocable trust, to ensure that the home will in fact go to our children, since we will be divorced, but my husband will continue to live in the home. And he has incurred debt that our children are willing to help pay off, but they want to know for certain that they will inherit the house. Is a irrevocable trust a good way to ensure the children will get the home?

[@billligon4005]

My partner and I just applied for Medi-Cal (Medicaid) to continue his stay in a Nursing home after the 100 days of Medicare (2023). We have a Revocable Living Trust set up in 2013 (to avoid Probate), we have assets of $103K, one car, one home (well under Medi-Cal limits) and some some stocks which we hope will be protected from the 6-year "Look-Back" of Medi-Cal. So I guess need to talk to lawyer who set up the RLT, but hope we have done it right.

[@samnmee66]

Assets or real estate in a revocable trust are still subject to state estate recovery so a lein could be placed on your home, but if its your primary residence the lein sale wouldnt be enforced until after both spouses pass away.

[@jaliscorojo1]

Hi Hope You Are Well Thank you for sharing so many years of school very easy to understand videos. Hope one day youtube will have a honor award to best video of the year informative good content,

[@LALITABICHANDANIYourTaxAdvisor]

Thanks for your insight , so the question on irrevocable trust is : For IRS / tax purposes who pays the tax . Does the trustee (parent) pays the tax or is the income from the trust to be reported to the beneficiary and ben has to pay tax. Would appreciate your answer. Thanks.

[@Elizabeth-yg2mg]

Paul has a video "How to do trusts get taxed".

[@student_of_life9656]

Thank you for taking the time to explain

[@cliftonconnor9389]

Best video yet I have seen ! So thank you very much for the clarity!

[@vlogs-tv5yu]

I need to know more. So lost and don’t wanna take any step until I know I’m maligning the correct decision

[@AfrikQ10]

It's better to live with some/ certain protections that can't be changed in the irrevocable trust funds. Reasons being changing times to lesson stress.

[@toriless]

Yes, something like property is more appropriate in a irrevocable trust since it cannot be spent down like an IRA. The IRA would be subject to restrictions.

[@jeffwilson4972]

Paul, thanks for the very informative videos. What credentials should one look for in an Estate Planner to ensure they are qualified?

[@paulm6059]

Great video! Quick question: How quickly can someone change a revocable to irrevocable? Does the change have to take place prior to the act that causes a lawsuit? For example, the sole trustee with a revocable trust in California may be responsible for an accident with injuries. Would her making the change after the accident but prior to the filing of the lawsuit against her protect her assets?

[@terrysavage825]

Hi Paul - great job on the video. A possible topic might be “what if the trust was not funded” (for personal reasons…)

[@janeksilva]

Thank you for the advice. Definitely beneficial for my future usage of trusts!

[@floridasaltamerica4440]

So I’m hearing Nursing home quite a bit during this conversation and so those that make exceptional income long term care plan is essential with a trust

[@beaconoflightinstituteforv5947]

Which one would be of more value and / or beneficial when you apply land trust/estate planning

[@taniaion7145]

Thank you soooo much! you have eased a huge burden off my shoulders with your sucinct and robust explanation :)!

[@lupevaldez9460]

Can both forms be in effect, or is it’ one or the other?

[@toriless]

One or the other, however you may have one of each with different assets in each but no mixing.

[@user-ou4pi2gr5l]

Paul I love your informative videos but after going to a lawyer, I was surprised to learn you can put just your house in an irrevocable trust and not other asserts.

[@ragefulhippie6273]

Lawyers lie all the time and their first obligation is to the CORPORATE courts, not you.

[@arturogonzalez9555]

The protection you get is you can put your house in 1 trust folder, your car in another, wife's car in another, and so on all in sub trusts separately so if you get sued, they can only get, say your car if in an accident. Nothing is in your name. Every sub trust with its own name. They can't penetrate anything else.

[@em1ownerify]

My grandparents started I assume a living trust in 2011 They died 2020 and 2023 My mother and me are split beneficiaries. It’s a 9 million dollar trust. We want to both share the house and live in it and I can’t find any clear documents for if we can and if the house remains in the living trust or needs to be sold

[@dutchleussink156]

Thank You Sir

[@ashakuldip1657]

Sir, thanks again for posting these educational videos.

[@wavechamber]

Which one is the right kind of irrevocable trust that is for a single mama with two children?

[@lequitaward9265]

Thanks for this valuable information. I was just about to do a quick claim, for my home, to my grandson. Luckily, I seen your video, I have 6 grands, and I will be doing the irrevocable trust, instead! Thanks!

[@davidmason1043]

Fantastic info! Maybe covered elsewhere, but I'm curious how rental land (such as farmland) and principal residences are treated inside an irrevocable trust.

[@toriless]

They are treated like any other asset but you must title the deed to the trust not the beneficiary. Deeds are all the same regardless of use.

[@AutumnGold0706]

Thank you. I heard you can list names on who will not be an inheritor in case they try to chsnge what you have decided you want done with your finances after you die. My fathers wishes were changed and I lost my inheritance through illegal means.

[@dkish4]

Hi I have learned a lot with your information Thanks I have A question if assets are, how income producing and I need that income , How do we have to lease and enjoy from revenu during the years and how would be taxes filled ?

[@Bambirita]

Can you change your children from inheriting from the irrevocable trust years after it has been set up? (Alabama)

[@dlbutler0113]

No because it’s irrevocable which means the person is deceased and they were the only one able to make changes when it was a revocable trust.

[@DJwest231]

Can a Revocable Trust be amended to remove a beneficiary?

[@PatL-t4u]

Your videos are excellent. I like the way you start with basics. Generally in a trust, such as a special needs trust, is a bank or financial institution named to hold the money or securities? The second part of this is, if an institution is named and they have merged, been sold, or are no longer in business at the death of the trustee or the one that set up the trust, what happens at that point?

[@wandaballinger7714]

Is there beneficiaries in a irrevocable trust

[@pedroxeta8496]

If a beneficiary is also the trustee of a irrevocable trust and refuses to share any information with the other beneficiaries. What actions can be taken by the other beneficiaries to understand what assets are included and how they are being managed?

[@toriless]

Nothing, you could try to sue but no possibly to no avail. This is why the trustee is so important. Assets in probate as easily challenged but no in this situation.

[@annettesereno9617]

thank you this really helps I am gong to see my trust lawyer because my binder is so big I really dont know what will make it easy for the people who are going to be i control. I am going to see what can be done to keep my son in law out of it and give my grand son and daught in control of the house i want them to have he is autistic

[@jacquiedresser8610]

Thank you for explaining this subject to so clearly. I'm a new subscriber and learning so much.

[@mxdirtcarver9203]

Can a person have both a revocable and irrevocable trust for different assets for different heirs?

[@Ted204K]

There is a Criminal trial going on in Michigan involving a attorney taking money out of some heiress’s trusts , the newspaper reported the attorney was using his elderly client as an ATM machine. How do you protect your irrevocable trust funds from fraud?

[@mauhawkiam]

Very informative. Thank you ✨️

[@WealthwithRentals]

Great videos and very important information! My question is can someone have both a revocable and irrevocable trust at the same time?

[@toriless]

Yes, but they should be titled differently. Assets you do not want to be available for redistribution vs those you want without restrictions in the other.

[@chopsooy]

Thank you, thank you, thank...Paul

[@LinoRicciardi]

is there a time limit to set up an irrevocable trust to be in force in order to be effective for nursing home or lawsuits immunity?

[@lt3074]

thanks for clarifying the difference

[@jewelleryaddict]

like the question below how do we find a estate planner? are there certain qualifications or education degrees that we must look for to know whom is qualified.

[@faaallc7268]

would it be unethical for you to recommend a New York attorney, preferably in Long Island for Estate Planning and setting up a trust. Fred.

[@michaelhedges782]

Is it either or, or can you have both?

[@mrmike115]

How do you set up an llc in an irrevocable trust is that possable and still retain income frome it?

[@hardickconstructionllc8571]

Are you familiar with the Laws that give the irrevocable trust the power to define what income is? Thank you for your explanation on the differences between the revocable and irrevocable trust.

[@donnavail5682]

If you have a durable power of attorney does that take care of the probate problems? Do you still have to have an irrevocable trust?

[@DeannaEdgar]

I would like to know more about irrevocable trust and Ms Medicaid

[@barbarawillis]

How does this work if I own rental properties when putting them into irrevocable trust. How will the taxes affect me financially?

[@stanleychappell3709]

Have you ever heard of have a certain sign a document to release you to marry someone else sense you where designate to marry a certain person and they can get thier without the release

[@donhull3857]

If you set up revokable trust is it a viable or easy process to make irrevocable for asset protection nursing home ect if it comes to this?

[@binyam11]

Can you sign up for irrevocable trust using poa ?

[@alz123alz]

THAN YOU VERY MUCH

[@lynnhezeltine3521]

I've heard of people setting up irrevocable trusts specifically to pay for funeral and burial expenses.

[@toriless]

Yes, certainly possible since those conditions will not change.

[@ali2art1]

Do alot of people with just one heir, just rely on Sole survivor to inherit their estate or balances on banking accounts and IRA ?

[@robertdubreucq5595]

Can you put Roth Ira's in irrevocable trust

[@toriless]

Nope, you have to designate the trust as a beneficiary for the IRA. He made this quite clear in another video. You can not transfer any employment based benefits.

[@oceanwaves3139]

@@toriless it seemed you were able to answer many questions in this comment section; I got good info from reading your replies; thanks for taking the time to do that. It is of great service for those of us who are feeling our ways thru this maze. I am 60 and have not done any trust; only a basic will; have one daughter; after this video; i am leaning toward doing an irrevocable trust; (a) I have a non-retirement investment account at Etrade (can i put this in that trust); if yes, do i have to cash out the securities and pay capital gain; my intention is to have my daughter inherit those securities. (b) for a married couple, can one spouse name any beneficiary or will it require both spouse's consent. Have a great day!

[@mernafrederick5153]

What is the instrument one would use to leave money to kids currently under age 10 but I don't want them to get it before age 25? If you covered this in another video, a link would be most appreciated. Thank you for what you are doing!

[@chubbyhubby551]

So I want to build a trust for my son. What would be the best way to go? Revocable or irrevocable? I don’t want him to have to worry about money as he grows up and when I pass. However, what’s the best way to go about it for him? I don’t want him to have to pay so much taxes on anything I put into it.

[@richricogranada9647]

You are such a protective enabler. Let your offspring make life on his own, or he will grow up to be a lazy wimp

[@ChavezDIY]

Both work in your situation. But if you want to be able to make changes to the trust in the future such as add or remove assets, you should go with a Revocable trust.

[@michellegosselin8455]

For an irrevocable trust, do you need to apply for a separate employee identification number with IRS? ?

[@MonikaAdam-zl9ep]

😂😂❤❤❤😅 this is an orginal person, i love it! And that cute Dog ❤, thank you for Information i follow, this is not a fake person!!! This is good.

[@gregdunn6415]

If my wife and I set up an Irrevocable Trust can I assume that we will still be able to sell our house and this will not undully clog up a real estate transaction. Taking this question one step farther, we are considering using the proceeds of this sale to help our son with downpayment on a house (from which we would then be renting from him after putting in place appropriate protections for us as renters) BTW, the son will be one of the trustees of the irrevocable trust. His sister will be one of the other trustees.

[@samnmee66]

No you give the house up as an asset in an irrevocable.trust..only the beneficiary can sell it after you and your spouse pass away....If you want to sell it or use it as an asset has to be a Re-vocable trust.

[@frances4773]

Simply understood thank you. Any special irrevocable trusts you mentioned and need a lawyer or can you use an online platform to set up special irrevocable trusts along with a revocable trust to save money using a lawyer?

[@rickrick-r1s]

Do you handle California residents trust and asset protection through the use of trust and LLC.

[@americasestateplanninglawy1946]

To request a no-cost zoom estate planning design meeting: aeplaw.cliogrow.com/intake/7176090c4db516b907aa7ed491d9a8de

[@MoorhanTheGreat]

Thank you

[@jonmallory8984]

Is there any tax advantages to either?

[@720stateofmindbyyaalonel2]

great demonstration