Orlando, FL estates & probate attorney Jim Flick discusses the different types of trusts available and the benefits of each. He notes that when it comes to trust planning, there are numerous choices to consider. Revocable trusts are the most common type of trust used to avoid probate, and they do not have any significant tax implications. They serve only to avoid the probate process. In contrast, irrevocable trusts can offer several benefits, such as altering the income tax treatment, providing protection from creditors, and providing estate tax advantages. However, irrevocable trusts are difficult to change once established. Trusts can be set up during a person’s lifetime, and some can remain dormant until they are needed in the future. It is the lawyer’s responsibility to work closely with the client to determine their objectives and determine which type of trust is best suited to meet their needs.