This question should be addressed to your attorney. If they are competent in the field of estate planning they should be able to give you all the necessary information to make an informed decision. That said, you are not going to get asset protection from either trust in California if you are looking to control the assets during your life.
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Generally people do a revocable trust first as the founding of their estate plan. They then add irrevocable trusts to improve it. For example you might ask your attorney about an irrevocable life insurance trust and/or a qualified personal residence trust. Both of these are simple irrevocable trusts which can greatly enhance an estate plan. Good luck with your planning and kudos to you for planning ahead!Ask a similar question
I agree that you should discuss this with your attorney... It depends on what your goals are and a desired end state.
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I agree with each of my colleagues statements, particularly the one about asking your attorney this question. Still, I will chime in with a penny.
Since you are a young person you will get the most bang for your buck through term life insurance in terms of being able to provide for your son if something happens to you. Adequate liability insurance will generally provide the asset protection you seek. If you are a homeowner, not engaged in business, the liability insurance through your homeowner’s policy is usually sufficient. If not, consider an umbrella policy.
Start with a revocable trust which you can amend as time passes. As noted by my colleague, irrevocable trusts are ill suited for an individual who still needs or desires control over trust assets. Skip the fancier stuff for now. Good luck.
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One issue is estate planning (inheritance, avoiding probate, taxes, etc...) and another asset protection planning (protecting your assets from frivolous and bogus lawsuits). A revocable living trust is an excellent estate planning tool but it will not protect you from lawsuits.
Whether you need asset protection planning really depends on the net worth you seek to protect, and your liabilities (for example professional activities or risky assets as rental properties). You may want schedule a consultation with an attorney that has specific expertise in the area of asset protection planning.
Douglass Lodmell is the nations #1 Asset Protection attorney and has clients in all 50 states, protecting over $4 Billion in client assets. Answers given by him in this forum do not establish an attorney-client relation. He advises to seek a specialized attorney in the area of your interest for legal representation.Ask a similar question