Irrevocable trusts are those in which the grantor retains the right to revoke the trust but has not, for gift tax purposes, completed a transfer.
An irrevocable trust's goal is to transfer ownership of the assets from the grantor to the beneficiary while keeping the grantor's control over them. This shields the assets from creditors and lowers the grantor's estate's worth for estate tax purposes. Irrevocable trusts can't be changed, amended, or terminated without the grantor's beneficiary's consent or a judge's approval. By state, different regulations may apply. The grantor legally relinquishes all ownership rights to the assets and the trust after having legally transferred all ownership of the assets into the trust. In general, irrevocable trusts are created to save estate taxes, gain access to government benefits, and safeguard assets. A revocable trust, on the other hand.
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