Revocable | Irrevocable | Life Insurance Trust A Trust USE - Estate Planning The trust can be any of the following - Revocable Trust Irrevocable Family of Trusts -         Domestic Non Grantor Trust         Irrevocable Life Insurance Trust         Multi Use Irrevocable Trust         Ultra Trust         Asset Protection Trust. A Revocable Trust in and of itself offers zero asset protection. But that is not a real concern because the entities owned by the trust in and of themselves may offer asset protection. There is a real bonus in using the Ultra Trust to be the 99% owner of the entity interest. These benefits include but are not limited to the following: Tax Transparent - An Ultra Trust is a pass through for tax purposes. But if the Ultra Trust is the original owner of the interest then all of the gains in the entity would not be in the client's estate at their death. Eliminate Probate at the Client's Death - Any trust eliminates probate. Eliminate Estate Taxes - The Revocable Trust eliminates estate taxes up to the amount allowed under the tax exemption credit and/or the state's estate tax exemption, however, the irrevocable family of trusts normally eliminates estate taxes on everything titled in the trust. No Loss of Control - Keep in mind that the key to who controls an entity is the person so designated. In a corporation that is normally the President, in a Limited Liability Company it is the Managing Member and in a Limited Partnership it is the General Partner. We discuss the irrevocable family of trusts on this website. Click here to view flow chart. Click here to view flow chart. Click here to view flow chart.