Irrevocable Trust for Lifetime Benefit of Trustor with Power of Invasion in Trustor

 Irrevocable Trust for Lifetime Benefit of Trustor with Power of Invasion in Trustor
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State:
Multi-State
Control #:
US-0676BG
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Description

An irrevocable trust is a trust that cannot be modified or terminated without the permission of the beneficiary. In most states, a trust will be deemed irrevocable unless the grantor specifies otherwise. Once the grantor has transferred assets into the trust, she/he has no rights of ownership to the assets and the trust. Irrevocable trusts are preferred because it removes all incidents of ownership, thereby effectively removing the trust's assets from the grantor's taxable estate. The grantor is also relieved of the tax liability on the income generated by the assets.

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