Ep. 12: Irrevocable Trusts 101: Understanding the Basics and Beyond

Repair The Roof - Estate Planning Podcast

There’s often a lot of confusion between the different types of irrevocable trusts, even as more and more people are forming them today.

A trust is a relationship between a trust-maker and a trustee, and there are specific terms that the trustee is expected to follow. As a general rule, a trust can either be revocable or irrevocable.

A revocable trust is one in which the trust can be revoked within the lifetime of the trust-maker. An irrevocable trust is one that cannot be revoked, which means the trust-maker cannot directly take back the assets that they placed in the trust.

In this episode of Repair the Roof, Attorney Ted Gudorf explores the three types of irrevocable trusts: estate tax irrevocable trusts, asset protection trusts, and Medicaid asset protection trusts.

Key Topics:

• What is a “trust”? (0:29)
• Similarities between revocable trusts and irrevocable trusts (2:19)
• Differences between revocable trusts and irrevocable trusts (4:17)
• Grantor trusts (04:43)
• Type 1: Estate tax irrevocable trust (06:37)
• Type 2: Asset protection trust (08:21)
• Type 3: Medicaid asset protection trust (11:32)
• Removing trustees through a trust protector/advisor (15:37)

Resources:

• Gudorf Law Group
• The Ohio Estate Planning Guide - Free Book
• Gudorf Law: What We Do and How We Help Webinar
• Don't Go Broke in Nursing Home Workshop
• When a Loved One Dies: A Legal Guide - Free Book
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