Revocable or irrevocable? Most families think they already know the answer, and most are wrong. This episode breaks down the real differences between the two trust types under Florida law, starting with the biggest misconception clients bring into the room: a revocable trust does not protect assets from creditors during your lifetime, no matter what a viral TikTok claims.
Tom Moss, estate planning attorney at Sawyer & Sawyer, P.A., walks through when a revocable trust makes sense for probate avoidance and incapacity planning, and when an irrevocable trust becomes necessary for genuine creditor protection, Medicaid planning, or providing for a family member with a disability. He explains the tradeoffs in plain terms, using real numbers and specific scenarios pulled straight from his own practice, down to what a $500,000 estate actually costs in probate.
Every family makes this trade, whether they realize it or not.
In this episode, you will hear:
- Why revocable and irrevocable trusts get confused so often, and the social media myths driving it
- The three real reasons families set up a revocable trust, from lifetime control to avoiding probate entirely
- What Florida probate actually costs, including attorney fees and personal representative fees on a $500,000 estate
- How a revocable trust protects against incapacity without a court-appointed guardianship
- Why a revocable trust offers zero creditor protection, even for a single person with no debt history
- The tradeoff at the heart of an irrevocable trust, protection and tax benefits in exchange for giving up control
- How irrevocable trusts serve very different purposes, from protecting a young heir to qualifying for Medicaid
Resources from this Episode
https://sawyerandsawyerpa.com/living-trust/
https://sawyerandsawyerpa.com/revocable-trust/
https://sawyerandsawyerpa.com/special-needs-planning/
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