Estate Law Questions? Ask an Estate Lawyer.
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An irrevocable trust is a trust wherein the person created it will no longer be able to change the terms of it or revoke it easily. The money is taken out of the person's estate for tax purposes (meaning there would be no estate tax on the assets in it). A revocable trust stays with the person's estate yet assets in the trust avoid probate. Estate planning to allow a person to still access the funds when there is no reason to worry about estate taxes (for Federal, a person would have to have over about $5.43 million if not married or $10 million for a couple to worry about estate taxes), a revocable trust is the way to go. We can discuss more if you want to do so.
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