Irrevocable Trusts

An irrevocable trust is a legal arrangement where assets are transferred into a trust and cannot be changed or taken back by the person who created it. Once established, the trust's terms are fixed, and the assets are managed by a trustee for the benefit of designated beneficiaries. This setup can provide tax benefits, protect assets from creditors, and help minimize estate taxes. However, the trade-off is that the original owner loses control over those assets, making it a significant decision for estate planning.