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HOW IS AN IRREVOCABLE TRUST DIFFERENT FROM A REVOCABLE TRUST?

April 26, 2017different irrevocable Revocable Trust

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HOW IS AN IRREVOCABLE TRUST DIFFERENT FROM A REVOCABLE TRUST?

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When you set up an irrevocable trust you cannot later change your mind and revoke or cancel the trust. Generally you set up an irrevocable trust when you want to transfer assets to another person but not have that person have control over those assets until some later time.