What is an Irrevocable Trust?
A grantor, who transfers assets to an Irrevocable Trust, effectively removes his or her right of ownership to the assets. This trust cannot be changed or terminated without the permission of the beneficiaries. The benefit of this type of trust is that it can effectively remove assets from the grantor’s taxable estate.
The use of Irrevocable Trusts involves a multitude of sophisticated and complex tax rules, so let M&P work with you and your tax planning professional to see if this is a good option.