these labels are tossed around all the time and don't mean anything. Living trusts are mostly revocable trusts that settlors set up for themselves while they are alive and they get the income and gains with remainder going to named beneficiaries in the trust. Legacy trusts can be anything but are intended to last a long time and that's why they're called dynasty trusts sometimes and they can be set up in a number of different ways either revocable or irrevocable. This isn't a tax question though.