A type of trust whereby the grantor (donor) surrenders all control over the trust's assets and the right to change its terms in order to transfer assets from his estate to the second estate heirs and avoid Federal Estate Tax and probate expenses.
A trust created during the maker's lifetime that does not allow the maker to change it. Click Here to get Unlimited Legal Advice for $26/Month or Less.
Irrevocable living trusts are similar to revocable living trusts, except that you cannot revoked (that is, change or end) the trust after you have established it. In addition to having the same benefits as a revocable trust, an irrevocable trust also may provide savings on the estate taxes, and may prevent the loss of government benefits for a loved one.