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In this video, Jeff Palomo from Palomo and Associates discusses revocable living trusts, explaining their structure and purpose. A trust involves three parties: the grantor (creator), trustee (controller), and beneficiary (receiver). In a revocable trust, one person can play all three roles, allowing for complete control and the ability to alter or dissolve the trust. However, a key point made is that revocable trusts do not provide asset protection, which is often misunderstood. Palomo also mentions a popular comment he heard regarding this topic, but does not elaborate further.
