USNews: “Revocable vs. Irrevocable Trust: What’s the Difference?”
USNews, November 9, 2023 — Some trusts are better than others for avoiding probate, minimizing taxes or keeping the peace, writes Marguerita Cheng in today’s feature article.
Estate planning is an integral part of financial planning for high-net-worth clients, and a critical component involves the use of trusts. The decision whether to choose a revocable or irrevocable trust for the protection of assets can have lasting implications and profoundly impact a legacy, so it’s not something to be taken lightly.
“Trusts can be a powerful vehicle to accomplish a client’s goals, but (they) do come with some risks and drawbacks,” says former estate planning attorney Steven Schoenberger, a certified financial planner (CFP) professional and founder of Open Door Financial in Minneapolis, Minnesota.
This guide outlines the nuances of revocable and irrevocable trusts to help you sharpen your insights and know when you are receiving precise and appropriate guidance from a financial advisor.