What are the differences between a cost of living trust and other types of trusts?
An example of an AI chatbot conversation about cost of living trusts and their comparison to other trusts.
What are the differences between a cost of living trust and other types of trusts?
A cost of living trust is designed to provide financial support that adjusts with inflation, while other trusts may focus on asset protection or tax benefits. Would you like to know more about specific types of trusts?
Yes, can you explain revocable and irrevocable trusts?
Sure! A revocable trust allows the grantor to retain control and make changes, while an irrevocable trust cannot be altered once established, providing asset protection and tax benefits. Do you want to know which might be better for your situation?
What are the tax implications of each type?
Revocable trusts typically don't offer tax benefits during the grantor's lifetime, as income is taxed to them. Irrevocable trusts can provide tax advantages, as assets are removed from the grantor's taxable estate. Would you like to explore specific tax strategies?
Yes, please!
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