What is the biggest difference between a revocable trust versus an irrevocable trust? Well, Toby Mathis, Esq. and Jeff Webb, CPA decided to sit down and go over a few details regarding the differences between revocable and irrevocable trusts along with info on why one might be more appealing than the other.

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The main difference between a revocable trust and an irrevocable trust is that with a revocable trust, you have control over the assets in your estate. An irrevocable trust, on the other hand, means that once it's set up and funded you can't take any of the money out for yourself or change anything about it.

"A complex trust allows control of what goes out to beneficiaries." 6:42

Depending on the purpose one seeks by establishing either one of these trusts, one may prove a greater help than the other. So if you are looking to set up either of these and make them part of your plan, be sure to consider all the facts that accompany them.

Here is hope that this guide has helped you to understand the difference between a revocable and irrevocable trust. If you would like to learn more about estate planning, please visit our website and sign up for a free strategy session with an attorney.

Remember to always take your time, and make sure that you fully understand all the details of what is involved with both types of trusts.

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Show Notes:
0:00 Intro
0:32 Difference Between Revocable vs Irrevocable Trust
1:35 Another Way to Set Up Your Trust
4:45 The difference between a Irrevocable Complex Trust
7:12 Outro
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Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba

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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#revocabletrust #irrevocabletrust