I sure I could offer a one size fits all answer for everyone about revokable and irrevocable trust.

Put grandma’s (or mom and dad's) house in an irrevocable trust to protect it from the nursing home and the kids will lose their tax-free step-up. The IRS ruled on it in 2023. But with a revokable land trust you do get stepped basis but not the Medicaid protection from the nursing home.

So, what do I recommend? Revokable land trusts owning each property with an out of area trustee and LLC as beneficiary. Then upon your demise, an irrevocable family living trust as trustee.

Please understand the powers of the trustee are incredibly limited in a land trust - the follow directions of the beneficiary. But with a FLT, they run the show. This makes sense when you consider where you are in each picture. When you are alive, you can manage things with the LLC. But after you go, you have limited say in day-to-day operations - just general guidance about long term stability.

Hopefully this gives you something to ponder as we are all getting older.