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Trusts: Understanding Irrevocable And Revocable Options

Trusts are a complex topic that can understandably seem intimidating. However, for many people, they’re well worth considering. Irrevocable and revocable trusts are powerful tools that offer more flexibility than a will. They can keep your estate out of court, provide significant tax advantages, minimize taxes, prepare for Medi-Cal (Medicaid) eligibility and establish your legacy on your terms.

Our trust lawyers at the Law Offices of Berge & Berge can help you put the right trust into place. Based in San Jose, we focus solely on estate planning and elder law in the South Bay area. Our lead attorney, James Berge, is a board-certified specialist in estate planning, trust and probate law (through the California Board of Legal Specialization) with more than 25 years of experience. You can benefit from our team’s financial and legal insight.

Revocable Vs. Irrevocable Trusts: Which Suits You Best?

Revocable and irrevocable trusts are commonly confused terms. Both offer certain advantages during your life and after your death. However, they differ in several important ways:

  • A revocable trust, also known as a living trust, can be changed or canceled at any time during your life. You can be both the trustee and beneficiary. This flexibility allows you to adjust your plans as your life circumstances evolve. Revocable trusts are great for maintaining control over your assets while also avoiding probate. However, they are limited in their ability to accomplish tax objectives, Medi-Cal (California Medicaid) planning, asset protection and other goals.
  • An irrevocable trust is fixed once it’s set up. You generally can’t make changes, and you lose control of the assets that are granted to the trust. Why choose this option? It offers potential tax benefits and asset protection that a revocable trust does not. Irrevocable trusts can be a smart move if you’re looking to reduce estate taxes or protect your assets from legal judgments.

Our lawyers can help you craft the right trust to align with your goals. We handle a variety of trusts, including charitable trusts and trusts for loved ones with special needs. We can assist with trust formation, amendments to an existing trust and trust administration.

Start Exploring Trusts As Part Of Your Estate Plan

Our attorneys will listen to your concerns and communicate complex issues in simple, understandable terms. Whether you’re considering a revocable trust, an irrevocable trust, or other estate and trust options, we can empower and inform you every step of the way. Start by calling 669-244-3546 or contacting us online.