How Does a Trust Work While You Are Alive?

While you're alive, assuming it's a revocable living trust, there really is very little or no change to yo how you own and operate your assets. You have the ability to revoke the trust, amend the trust and take assets in and out of the trust as you see fit. The trust, if it's irrevocable living it does not provide any type of creditor protection. And it actually does not even require that you file a separate a trust income tax return o their revocable trusts are considered to be disregarded entities for ir s purposes.