Difference Between a Revocable vs Irrevocable Trust

[@nathaliefrancois3665]

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

[@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.

[@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)

[@reneebourgeois8181]

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

[@alluniquefashion6202]

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

[@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 :)

[@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.

[@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!!!

[@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! 😍

[@hmomoney1]

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

[@letslearn3487]

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

[@donreinholz8121]

Thanks for keeping us informed!

[@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.

[@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.

[@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.

[@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!

[@nephafranks9688]

truly appreciate the way you present this information

[@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!

[@M3d3vil]

🤣🤣

[@M3d3vil]

But so true

[@jackmayberry6295]

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

[@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

[@donaldhughes7234]

Thank you for breaking this down as simply as possible.

[@MsKaykay626]

Great teacher. Presented in very understandable terms

[@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.

[@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!

[@Lovelydancerss]

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

[@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.

[@addanetorica311]

studying for series 66. thanks for the vids

[@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,

[@dannyfrancis8944]

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

[@mattgators13]

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

[@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.

[@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.

[@student_of_life9656]

Thank you for taking the time to explain

[@jeffwilson4972]

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

[@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?

[@cliftonconnor9389]

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

[@johnison76]

Thank you. I found the video very informative.

[@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.

[@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

[@terrysavage825]

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

[@davidwilliamson6583]

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

[@janeksilva]

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

[@mauhawkiam]

Very informative. Thank you ✨️

[@GhettoGunslinger]

Great explanation

[@ashakuldip1657]

Sir, thanks again for posting these educational videos.

[@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?

[@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".

[@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.

[@rogerwaynebailey]

Great info, Thank You Sir!

[@jacquiedresser8610]

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

[@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.

[@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.

[@taniaion7145]

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

[@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.

[@efraincordero864]

I appreciate all of your information on living Trust Thank you.

[@americasestateplanninglawy1946]

Thanks EC! 😎

[@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.

[@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.

[@evelynrogers7145]

Thanks. Good information

[@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.

[@lt3074]

thanks for clarifying the difference

[@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 ?

[@chopsooy]

Thank you, thank you, thank...Paul

[@dutchleussink156]

Thank You Sir

[@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!

[@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?

[@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.

[@beaconoflightinstituteforv5947]

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

[@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

[@KidCity1985]

I love these videos

[@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?

[@wandaballinger7714]

Is there beneficiaries in a irrevocable trust

[@wavechamber]

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

[@barbarawillis]

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

[@720stateofmindbyyaalonel2]

great demonstration

[@markdeloscobos3943]

Great video.....informative and clear.

[@noel888]

I wish my lawyer was as forthcoming with all this information as you are describing here. I am 91, and he gave me a revocable estate will. Listening to your descriptions, it would automatically go to probate, and my heir would have to go through all the legal mess of getting the home i am leaving them. Nothing in it mentions who gets the personal belongs of my home, tv and furniture and etc. I thought whoever i leave the home to would have the discretion of handling it themselves. Now i most likely have to have it redone to a revocable trust.

[@ironhorsegladiator5034]

Your lawyer is into making money and not helping, that's how most of them operate.

[@kayBTR]

You should watch his video How to Write a Will in 4 Minutes.

[@Lili-xq9sn]

Look into a Lady Bird Deed to avoid probate.

[@toriless]

Write a will and get a irrevocable trust and eliminate the garbage your dumb lawyer did. Put accounts in both names, designate beneficiaries on IRAs, etc.

[@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.

[@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

[@michaelhedges782]

Is it either or, or can you have both?

[@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!

[@DeannaEdgar]

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

[@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

[@TheMerriell]

Awesome Sir!

[@mgmovassaghi1733]

Great presentation thank you

[@trinidadwhyatt4719]

What is the cost of making trust.?

[@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?

[@michelleghilotti]

Great video! What if Mary dies first, can John change their revocable or irrevocable trust?

[@MoveInChrist]

Thank you so much! So helpful!

[@terrybirdsell6777]

Excellent! Thank you!

[@AnnePeaceWithGod]

Can you answer my question quickly. This is important. I live in Louisiana, and my mom just inherited 10,000 but the issue is she is on SSI, foodstamps, housing authority, Medicare. Basically on all government. What would the best thing to do without getting off the government? Irrevocable trust?

[@sivhuskycarrillo8395]

Great video thanks for you time doing this great info.

[@mxdirtcarver9203]

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

[@adamginsburg6072]

Thank you, great info!

[@shereencrowley2966]

have watched about 10 of his videos, very understandable. What are the DOWN sides of an irrevocable

[@ludwig6332]

can't change it.

[@toriless]

Terms can not be altered. For instance, beneficiaries can not change.

[@kimmunchel3004]

Thank you for your clear and succinct explanation of these trusts. I live in Baltimore, Maryland and wonder how to find a good attorney. I don’t want to just go to the yellow pages- which obviously don’t exist any more. ☺ Any suggestions?.

[@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?

[@sophiebrowning8505]

I live in Washington. It'll be helpful if you can use an example. Thanks

[@toriless]

WA has no freak laws, pretty much the same as national rules