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Irrevocable Living Trust

What is Irrevocable Living Trust?

An irrevocable trust is a type of trust in which the terms and provisions cannot be changed or revoked by the grantor once it is established, except under certain specific circumstances and with the agreement of all beneficiaries. Once assets are transferred into an irrevocable trust, they are no longer considered owned by the grantor, and the grantor relinquishes control over them. This type of trust is often used for asset protection, estate tax planning, or Medicaid planning.

On the other hand, a living trust, also known as a revocable living trust, is a trust created during the grantor's lifetime that can be modified or revoked by the grantor at any time while they are mentally competent. It allows the grantor to maintain control over their assets and make changes to the trust as needed. A living trust is commonly used for probate avoidance and incapacity planning.

While both types of trusts serve different purposes, it's important to consult with an experienced estate planning attorney to determine which type of trust, if any, is appropriate for your specific circumstances and goals. They can provide guidance based on your individual needs and help create a trust that aligns with your objectives.

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