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What is the difference between a revocable and irrevocable trust? The answer to this may seem obvious. If your trust is revocable, it can be revoked, amended, or changed. If your trust is irrevocable, it cannot be revoked, and the terms within are absolute. What does this really mean? And why would you want an irrevocable trust when a revocable trust has more flexibility? An irrevocable trust can reduce the estate taxes which your estate will be subject to at your death. The assets within an irrevocable trust can also be protected from creditor lawsuits. It may also be used to accomplish charitable estate planning and receive charitable tax deductions. There are various types of irrevocable trusts, and they are usually recommended for very specific purposes. If you are doing estate planning for probate avoidance, incapacity planning, and to provide for your beneficiaries after you die, then a revocable living trust will most likely be the first step in your estate planning.
Christine Ellingsen is from the Bay Area, and transitioned to San Diego seven years ago to attend law school at the University of San Diego. She now calls Encinitas home; where she lives with her fiance and her dog, a “chiweenie”, named Tyson. Prior to her law career, Christine worked in the business sector in both Irvine and New York City. Her eye for contracts and detail sparked her interest in the law. She is in her fourth year of practice, and primarily works in the field of trust and estates. Her passion for helping families formulate plans for their future and loved ones, along with personal experiences with her beloved grandparents, has made estate planning a natural fit. If you don’t find Christine working, you’ll find her at the beach in Cardiff or on a hike with Tyson!