Physician Estate Planning: What Is the Difference Between a Revocable and Irrevocable Trust?

Abstract

Estate planning is critical for every physician. Understanding the impact and differences between irrevocable and revocable trusts is crucial to physician estate planning. There are many different financial repercussions to irrevocable and revocable trusts. These distinctions include control over assets, protections from creditors, protection from probate, the need for a will, and usefulness for avoiding estate tax. This article attempts to separate fact from fiction.