A trust in which the trustor retains the power to revoke the trustagreement and have the assets returned to him or other designated individuals within ten years.
The general rule is that a trust is revocable where at any time the power to revest title of property conveyed into trust is exercisable by the grantor or a non-adverse party, or both.
The general rule is that a trust is revocable where at any time the power to revest title of property conveyed into trust is exercisable by the grantor or a non-adverse party, or both. A revocable trust is transparent for income tax purposes under the Internal Revenue Code, since the grantor is treated as l.he owner. When a trust is revocable, there is no reason why the grantor should not also be trustee, since the tax consequences are already settled by the revocability of the trust.
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