Estate Planning: Who Needs a Trust and Who Doesn’t?

Knowing the differences between a revocable trust and an irrevocable trust can help you decide if you need one and, if you do, which kind.

A younger woman helps an older woman with paperwork while sitting together at a table.
(Image credit: Getty Images)

Why is there so much confusion around trusts? In my opinion, it is because they are often used the wrong way and not used for the right reasons.

We had some clients whose attorney tried to get them to do a trust they did not need. Fortunately for them, our client had a reliable guide to step in and tell them they did not need to spend the money to get a trust. So how do you know if you need a trust? Let's dive in.

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Joe F. Schmitz Jr., CFP®, ChFC®
Founder and CEO, Peak Retirement Planning

As Founder and CEO of Peak Retirement Planning, Inc., Joe Schmitz Jr. has built a comprehensive retirement planning company focused on helping clients grow and preserve their wealth. Under Joe’s leadership, a team of experienced financial advisers use tax-efficient strategies, investment management, income planning and proactive health care planning to help clients feel confident in their financial future — and the legacy they leave behind. Joe has also written a book, titled I HATE TAXES. You can find Joe on YouTube by clicking here, where he creates educational videos for those in or near retirement. If you would like to talk to Joe’s team, you can schedule a meeting by clicking here.