An irrevocable trust is a trust that allows for certain protections for the creator of the trust. In exchange for these benefits the creator of the trust forfeits any access to or control over these assets.
An irrevocable trust is a trust where the terms generally cannot be modified or changed once it is finalized, at least not without the permission of the beneficiary or beneficiaries of the trust. The grantor of the trust legally transfers their ownership of the assets used to fund the trust and relinquishes any ownership rights to those assets.
Irrevocable trusts are generally used in conjunction with estate planning.
Read the full article by The Street here: https://www.thestreet.com/retirement/what-is-an-irrevocable-trust
If you have questions regarding irrevocable trusts, please contact Tim Knecht at Cline, Cline & Griffin, P.C. at 800-837-1973.