What is the difference between revocable and irrevocable trusts?
An example of an AI chatbot conversation about the differences between trust types.
Can you explain the difference between revocable and irrevocable trusts?
Sure! A revocable trust can be altered or revoked by the grantor at any time, while an irrevocable trust cannot be changed once established.
What are the benefits of using a revocable trust?
Revocable trusts offer flexibility, allowing you to maintain control over your assets and make changes as needed.
Are there any tax advantages to using an irrevocable trust?
Yes, irrevocable trusts can provide tax benefits, such as reducing estate taxes, since the assets are no longer considered part of your estate.
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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