Irrevocable Trusts vs Special Needs Trusts - How They Work and Key Differences

Do you need an Irrevocable Trust? Do you need to establish a trust for a loved one with special needs? In this episode, we cover the basics of irrevocable trusts and special/supplemental needs trusts. We discuss how they work, who is involved, key differences between revocable and irrevocable trusts, disadvantages of irrevocable trusts, overview of special needs trusts, common questions about putting a house into a trust to avoid Medicaid estate recovery, and more. This content was provided by Retirement Planning Services. We are located in Knoxville, TN. You can learn more about us, or schedule an insight call by visiting our website at https://www.seriousretirement.com. Timestamps: 0:00 Introduction 0:50 Irrevocable Trust Basics 2:34 Parties Involved 4:50 Fiduciary Responsibility 8:10 Disadvantages of an Irrevocable Trust 11:03 Special Needs Trust Basics 14:11 Disadvantages of a Supplemental Trust 15:25 FAQs 20:51 Disclosures Advisory services offered through Retirement Planning Services, LLC. The information in this recording is intended for general educational and informational purposes only, and should not be construed as investment advisory, financial planning, legal, tax, or other professional advice based on your specific situation. Please consult with your professional advisor(s) before taking any action based on its contents.