Pros and Cons of Irrevocable Trust Vs. a Life Estate - Seth Schlessel

BSPE Legal Marketing Podcast · Jul 20, 2023 · 5m

From Schlessel Law PLLC – In this podcast episode, we break down the article "Pros and Cons of Irrevocable Trust Vs. a Life Estate" to shed light on key estate planning tools available to Long Island residents. The discussion navigates through important estate planning concepts such as irrevocable trusts and life estates, explaining how each can impact the future management and transfer of assets under New York law.We examine the mechanics of an irrevocable trust, a tool that, once set up, cannot be modified, and compare it with a life estate, where a property remains under use for a lifetime…