Which statement best describes the difference between a revocable trust and an irrevocable trust?

Which statement best describes the difference between a revocable trust and an irrevocable trust?

• A. A revocable trust can be changed or revoked, but it generally does not remove assets from the taxable estate.
• B. An irrevocable trust cannot be easily changed and removes assets from the estate.
• C. A revocable trust removes assets from the estate for tax purposes, but only if funded with lifetime gifts.
• D. An irrevocable trust allows the grantor to maintain full control and ownership of assets.

Answer: (B)