u/GibbousW

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Learn to make this Non-Destructive Sliced Text Effect with this Adobe Illustrator Tutorial.

With your Text created, and selected, go to the Pathfinder Panel and click the fly out and click "Make Compound Shape".

Then using the Rectangle Tool create a block that overlaps a portion of your text. You need to make sure this block is behind your Text. You can do this by using the "Send To Back" command.

Now select both the Block and Text shapes, and set to None. If this step is not followed, the following steps won't work properly.
With everything still selected go to Object - Group.

Next, go to the Appearance Panel and click on the Add New Fill button. Set the fill color to anything you like, this can always be updated in the future.
Then go to FX - Pathfinder - Minus Back
This will create the bottom half of the slice effect.

Click Add New Fill, again in the Appearance Panel, then choose FX - Pathfinder - Intersect
This will create the top half of the slice effect.

With the Intersect layer selected click FX - Distort & Transform - Transform
Adjust the Move Horizontal to 10px and Move Vertical to -10px
This will create the offset of our sliced text effect.

Then using the Direct Select Tool, adjust the nodes of the placed block to create slanted shape.

Now you have a Fully Editable Non-Destructive Sliced Text Effect in Adobe Illustrator.