Difference Between Living Trust and Irrevocable Living Trust

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a Florida Revocable Trust is a trust created during the life of an individual which can be modified, amended, or revoked at anytime during their life.

A Florida Revocable Trust becomes irrevocable after the Settlor or Grantor dies. Florida irrevocable Trusts are often used for:

1. Estate tax reduction;

2. Removing Life insurance proceeds from one's taxable estate;

3. Asset protection for the creator;

4. Asset protection for the beneficiaries;

5. Charitable Estate Planning; and

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© David Goldman, Apple Law Firm PLLC | Attorney Advertising

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