How are trusts classified?
Generally, a trust may be classified in two ways. It may be revocable or irrevocable A revocable trust is one in which the grantor reserves the right to revoke the trust, in whole or in part, any time he chooses to do so - but while still alive. A trust may be declared to be irrevocable from the moment the trust is created (usually, this is done for tax purposes), or it may refer to a revocable trust which becomes irrevocable at the moment of the grantor's death

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1. Will a living trust save income taxes?
2. Can I preserve assets in a living trust and still qualify for Medicaid?
3. Will having a living trust avoid challenges by my beneficiaries or heirs?
4. Will I save estate taxes with a living trust, compared with a will?
5. Will a living trust protect my assets against creditors?
6. Will a living trust help me while I am living?
7. How are trusts classified?