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What are "revocable" and "irrevocable trusts"?

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What are "revocable" and "irrevocable trusts"?

A revocable trust is a trust created by an individual during lifetime, typically for his or her own benefit. A revocable trust can be amended or revoked at any time. From a tax perspective, the trust is a non-entity. The other kind of trust is an irrevocable trust, usually created by a person, also during lifetime, for the benefit of a third party. It is an irrevocable trust and the tax consequences of that irrevocable trust can differ, but definitely exist for the person who created the trust.

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What are "revocable" and "irrevocable trusts"?

What are "revocable" and "irrevocable trusts"?

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What are "revocable" and "irrevocable trusts"?

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