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Trust Glossary

Revocable Trust - Grantor is owner of trust assets and is taxed on income earned. Grantor retains right to revoke or amend trust at any time. Government considers specified assets to still be part of grantor’s taxable estate. In some instances, heirs may have to pay estate taxes on assets after death of the grantor. Most revocable trusts become irrevocable at the death or disability of the founder.

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The content in this glossary is general in nature and is intended for informational purposes only. It is not intended to provide specific advice or recommendations for any individual or organization, because the facts and circumstances surrounding each situation differ. Please consult your attorney, tax advisor or other professional advisor for advice on your particular situation.

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