revocable vs irrevocable trust

When planning your estate, understanding the differences between revocable and irrevocable trusts is essential. A revocable trust allows you to retain control over your assets, enabling you to modify or revoke the trust during your lifetime. This flexibility is beneficial but does not provide asset protection from creditors. In contrast, an irrevocable trust transfers ownership of assets, making it impossible to alter or dissolve without the beneficiaries’ consent. This offers potential tax benefits and protection from creditors but limits your control. By carefully evaluating your financial goals and circumstances, you can determine which trust type aligns best with your estate planning strategy