Why would I consider an irrevocable trust when I could create a revocable living trust?

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Video Transcript

The irrevocable trust and revocable living trusts have different purposes. The purpose of a revocable living trust is to avoid probate. The main purpose of an irrevocable trust is to get those assets that you put in the trust out of your estate. That means that you’re basically giving those assets away to that irrevocable trust.

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