Estate planning gives you the opportunity to manage and distribute your assets in a way that maximizes the usefulness of those assets. Most people equate estate planning with having a will, but a will is just the beginning of your estate planning options. Trusts offer greater benefits than a will alone. There are many different types of trusts designed for many different purposes.
An irrevocable trust is a particular type of trust that allows for tax planning and asset protection opportunities.
How Does an Irrevocable Trust Work?
With any trust, a trustee is named who controls assets and manages them until they are distributed to beneficiaries. Trust assets bypass probate. One of the main differences between a revocable trust and an irrevocable trust is that a revocable trust can be modified or dissolved at any time. An irrevocable trust is much harder to change and typically requires the approval of all beneficiaries before it can be modified.
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