Are Irrevocable Trusts Somehow More “Powerful” Than Revocable Trusts?Share this post
In general, the only way to obtain tax advantages using a trust is to give up ownership. Irrevocable Trusts require you to give up legal title (ownership) to any property and that can never be changed. Revocable trusts, on the other hand, do not require giving up ownership and may be changed. But, there are no tax advantages to revocable trusts.
Revocable trusts are primarily used for control and management of assets. The revocable trust usually becomes irrevocable upon your death.