What is the difference between an irrevocable trust and a revocable trust?

An irrevocable trust and a revocable trust are two types of trusts that are used for asset protection law in South Carolina. They both provide protection of assets from creditors, but there are some important differences between the two. An irrevocable trust is a trust that cannot be changed, amended, or revoked once it has been established. This type of trust is commonly used to protect assets from creditors or to reduce tax liabilities. The downside to an irrevocable trust is that once the trust is established, the grantor/creator of the trust cannot make any changes to it or terminate it. A revocable trust, on the other hand, is a trust that can be changed, amended, or revoked at any time by the grantor/creator of the trust. This type of trust is often used to protect assets in the event of death or incapacitation. It is also often used as an estate planning tool. The main benefit of a revocable trust is that the grantor/creator of the trust has the option to update or change the trust at any time. In summary, an irrevocable trust is a trust that cannot be changed or revoked, while a revocable trust is a trust that can be changed or revoked at any time. Irrevocable trusts are commonly used for asset protection, while revocable trusts are often used for estate planning.

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What is the difference between an irrevocable trust and a revocable trust?

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