You cannot revoke or change a irrevocable Trust. A trust can provide that is revocable or irrevocable. There are advantages and disadvantages for both. Some important advantages deal with whether the asset of the trust will be counted in your estate for estate tax purposes.
Generally, if a trust is of the kind qualitifed and irrevocable it is not counted for estate tax purposes.
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All content is for informational purposes only. It is also only intended to relate to Mississippi Estate Planning Law. If other states are mentioned, they are mentioned as an example only. No legal advice is provided in this content. Laws change so you need to check for any updates by current laws in Mississippi.
