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Revocable Trust vs. Irrevocable Trust: Key Differences

By Motley Fool Retirement Team – Updated Dec 2, 2024 at 10:32AM

Key Points

  • Revocable trusts can be altered anytime but don't protect assets from estate taxes or creditors.
  • Irrevocable trusts lock assets away, shielding them from taxes and legal claims.
  • Irrevocable trusts do not count as assets for Medicaid, unlike revocable trusts.
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