What is the difference between a revocable and an irrevocable trust?
An example of an AI chatbot conversation about revocable vs irrevocable trusts.
What is the difference between a revocable and an irrevocable trust?
A revocable trust can be altered or revoked by the grantor, while an irrevocable trust cannot be changed once established.
What are the benefits of a revocable trust?
Revocable trusts offer flexibility, avoid probate, and allow for management of assets during incapacity.
Are there any tax benefits to using an irrevocable trust?
Yes, irrevocable trusts can provide tax benefits, such as reducing estate taxes, since assets are no longer considered part of the grantor's estate.
Can I change the beneficiaries of an irrevocable trust?
No, once an irrevocable trust is established, the beneficiaries cannot be changed without the consent of all parties involved.
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