Related Definitions
What is an Irrevocable Trust?
A trust that, once created, cannot be altered or revoked without the consent of the beneficiaries.
A type of trust that cannot be modified or revoked by the grantor after it has been established, providing benefits such as asset protection and tax advantages. Once assets are transferred into an irrevocable trust, the grantor relinquishes control, and the assets are no longer considered part of the grantor’s estate for tax purposes. Irrevocable trusts are often used in estate planning to achieve specific financial goals and protect assets.
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