What are revocable trusts?
Revocable trusts are trusts that you can change or revoke entirely. If you decide to change your beneficiary or other aspects of your revocable trusts, you can file a trust amendment. You can even change the entire contents of your revocable trusts or cancel them entirely. The whole purpose of revocable trusts is that they are flexible and relatively easy to change, so nothing about them need be permanent. Income from revocable trusts goes to the grantor, and the assets are still owned by the grantor. While revocable trusts are a good way to hold assets in trust for other family members, they don’t deprive the grantor of all the benefits of owning those assets. Revocable trusts offer flexibility. Because revocable trusts can be changed, you have ultimate flexibility when establishing revocable trusts. The trust grantor earns all income from trust assets, and the grantor still owns the assets even as they are held in the revocable trust. Only upon death do the assets pass to the trust b
