Definition
Legal trust that cannot be modified or revoked, transferring property ownership outside personal estate.
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Irrevocable trusts remove property from taxable estate, protecting from creditors and reducing estate taxes. Sacrifice control but provide protection.
Pro Tip
Irrevocable trusts require professional guidance; serious implications require understanding consequences.
Example
Irrevocable trust holding property for heirs, removing from estate and protecting from lawsuits.