![Appreciating the Functions of a Trust [Episode 127] Joe Cordell speaking into a microphone for ElderTalk podcast](https://cordellplan.wpenginepowered.com/wp-content/uploads/2018/08/ElderTalk_Horiz-forECL.png)
Attorney-CPA Joe Cordell and co-host Jill Albers navigate the ins and outs of trusts. They talk about the different perspectives that exist among clients who feel that a more detailed estate plan would be “controlling from the grave” versus clients who feel that it simply would be a parent looking out for their children.
Joe explains the differences between a revocable and an irrevocable trust, and he talks about the intricacies involved in the asset protection strategies involved in an irrevocable trust. He also talks about utilizing an irrevocable trust, in order to qualify for Medicaid.
Joe highlights the benefits of having a revocable trust, as well as the challenges associated with the probate process, including the schedule and the costs associated with the experience.
Joe and Jill discuss the possibility of challenging a will, as well as accusing a beneficiary of undue influence. They break down the responsibilities of a trustee and an executor. Joe also talks about how businesses are preserved by an executor, after the owner of a business dies.