Why would I consider an irrevocable trust when I could create a revocable living trust?
Irrevocable trusts are definitely more complicated and more expensive to establish than are revocable living trust, but then can provide significant benefits. We often use them for tax planning purposes. We might use them for Medi-Cal planning purposes, or veterans' benefits planning purposes. Once they're in place, we can exclude assets in order to make sure that somebody qualifies for those benefits, and protect them for Medi-Cal recovery.