Do You Really Need a Trust? The Truth About Revocable and Irrevocable Trusts

Episode Summary Attorney Daniel Bernard explores the role of trusts in estate planning, focusing on the differences between revocable and irrevocable trusts in New York and Florida. The episode explains how trusts help avoid the costly and time-consuming probate process, protect assets for long-term care through Medicaid eligibility, and address the rising care needs of the baby boomer generation. It also covers common pitfalls of DIY trusts and the importance of professional guidance to ensure effective estate planning. Key Timestamps 00:00 - Show Introduction and Welcome 01:30 - Differences Between Trusts and Wills 05:00 - Revocable vs. Irrevocable Trusts 09:00 - Long-Term Care and Medicaid Planning 13:00 - Impact of Baby Boomers on Care Costs 17:00 - Who Needs a Trust 21:00 - Funding Trusts to Avoid Probate 25:00 - Control and Flexibility in Trusts 29:00 - Trusts and Asset Protection 33:00 - Costs of Setting Up Trusts 37:00 - Mistakes in DIY Trusts 41:00 - Conclusion and Call to Action About the Show Estate Planning with Bernard Law is a podcast dedicated to simplifying estate planning for individuals and families. Featuring attorney Daniel Bernard, the show provides expert insights into trusts, wills, probate avoidance, and long-term care planning. Through clear explanations and practical advice, the podcast empowers listeners to protect their assets and build lasting legacies in New York and Florida.