Revocable Trusts & Retirement Accounts #doctor #investing #assetprotection #personalfinance

Let's remember about a revocable trust what a revocable trust is. A revocable trust is almost nothing. It provides zero asset protection, right? That's not really the point of a revocable trust. If you're trying to get yourself some asset protection, you're going to want an irrevocable trust. The point of a revocable trust is to avoid probate. So this is to pass things like, you know, your cars so they don't have to go through probate, those sorts of things, your checking accounts. But once you die, you can no longer revoke the trust. You're not around to do it. It's now an irrevocable trust and with all the consequences of that. So keep that in mind. It also so happens that when IRAs are inherited that also occurs at the same time the time you die. And so for the most part what people do is they do not name the trust as the beneficiary. They name the beneficiary's directly.