We have a friend (wealthier than we are) who advocates putting almost everything in irrevocable trust. His reasoning relates heir taxation and shielding money from children’s spouses if they divorce (suprised me… I thought inheritance money goes to child only, unless co-mingled with spouse in house purchase etc).
Based on initial discussions with FA a few years ago… if we do a trust someday, I think it will be set up as revocable (til the first spouse passes). We need access to the funds.
Sorry about the rambling. Interested in thoughts of this group.