An irrevocable trust is an estate planning solution that cannot be changed or canceled without the consent of the beneficiary. Irrevocable Trusts provide similar benefits to those of a will, with a few differences.
Irrevocable trusts offer tax advantages that revocable trusts don't, such as enabling a person to give money and assets to beneficiaries before he or she dies. However, an irrevocable trust cannot be changed or canceled without the consent of the beneficiary - the grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.
A grantor can also create a revocable trust, which may be altered or terminated during the grantor's lifetime, however, does not produce tax benefits.
If you'd like more information about irrevocable trusts, please contact us online or call us at (915) 747-1665.