Difference between Revocable & Irrevocable Trusts

*Comments have been disabled as of 06/06/2025. The SEC mandates that Youtube Comments be automatically archived (like emails) which we don't have a solution for at this time. If you have further questions or wish to set up an engagement, please don't hesitate to reach out on the website. Thanks! In this video we breakdown the main differences between revocable and irrevocable trusts. 00:00 - Intro 00:57 - Simple Difference 01:41 - Revocable Living Trusts 02:42 - Avoiding Probate 04:50 - Privacy Concerns 05:16 - Step Up in Basis 05:46 - Step Up in Basis - Separate Property 06:24 - Step Up in Basis - Joint Property 07:50 - Irrevocable Living Trusts 08:21 - Tax Benefits 10:28 - 3 Year Clawback 11:08 - Gifting w/ Limited Control 12:54 - Irrevocable Trust Specifics 14:40 - Calls to Action Trust Tax Rates - https://smartasset.com/taxes/trust-ta... #financialplanning #wealthmanagement #financialservices #taxes #retirement #retirementplanning #washingtonstate #washington #pnw #stocks #edmonds #seattle #cfp #tax #financialplanner #tax