In this episode of A Matter of Trust, Attorneys Chrissy Knopke and Annie Rogers discuss the number one question they hear from clients: What’s the difference between a revocable trust and an irrevocable trust? Chrissy and Annie explain the different benefits, uses and tax treatments of revocable and irrevocable trusts.
A Matter of Trust, hosted by Creative Planning attorneys Annie Rogers and Christina Knopke, is a thoughtful, informed discussion about ideas, trends and developments in estate planning. Our mission is to educate and inspire people to make better financial choices through knowledge, tools and strategies that ensure a more prosperous future.
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Chrissy Knopke: Welcome to Creative Planning’s A Matter of Trust. I am Chrissy Knopke, and I’m here with my colleague and friend, Annie Rogers. We both are attorneys in the law firm here at Creative Planning Legal. And today we’re going to talk about the number one question that we get as attorneys, which is: What is the difference between a revocable trust and an irrevocable trust? So Annie, tell me, big picture, what is the difference?
Annie Rogers: Well, let’s start with revocable trust. This is kind of the daily planning that we do. This is a probate avoidance vehicle. This is a way to dictate how your heirs or loved ones receive your assets after you’re gone. It is still considered part of your estate for estate tax purposes. So, it’s still tied to your Social Security number. You’re the trustee over it. You manage it. You’re the beneficiary of it.
Chrissy: And then the number one question with revocable is, do I get creditor protection? And the answer is…