What are the key differences between revocable and irrevocable trusts?
An example of an AI chatbot conversation about the differences between revocable and irrevocable trusts.
What are the key differences between revocable and irrevocable trusts?
Revocable trusts can be altered or revoked by the grantor, while irrevocable trusts cannot be changed once established.
What are the benefits of a revocable trust?
Benefits include flexibility, control over assets, and avoiding probate upon death.
Are there any tax implications for irrevocable trusts?
Yes, irrevocable trusts can have tax benefits, such as reducing estate taxes, but they also require careful planning.
Can I change the beneficiaries of an irrevocable trust?
No, once established, the beneficiaries of an irrevocable trust cannot be changed without the consent of all beneficiaries.
Which type of trust is better for estate planning?
It depends on your goals. Revocable trusts offer flexibility, while irrevocable trusts provide asset protection and tax benefits.
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