An irrevocable trust is simply a trust with terms and provisions that cannot be changed by the grantor. This is distinguished from a revocable trust, which is commonly used in estate planning and allows the grantor to change the terms of the trust and/or take the property back at any time.
Using an irrevocable trust allows you to minimize estate tax, protect assets from creditors, protect from unnecessary nursing home expenses and provide for family members who are minors, financially irresponsible, or who have special needs.
Here at Felinton Elder Law & Estate Planning Centers, irrevocable trusts are one of our specialties and part of our elder law package. You can also contact us at (301) 610-0055 to learn more today!