An irrevocable trust is a trust that cannot be terminated or whose terms cannot be changed without the permission of the beneficiaries. By transferring one’s assets into an irrevocable trust, the grantor essentially removes all of his or her ownership rights to that property. Irrevocable trusts are generally created to decrease the size of a person’s estate and minimize their estate tax liabilities. It is also removes that person’s tax liabilities for any income generated by those assets. It is advisable to consult an estate planning attorney if you plan to establish an irrevocable trust.
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