An irrevocable trust is a legally binding structure where the individual who creates the trust, known as the Grantor, transfers ownership of certain assets to the trust. Once the assets are transferred, the Grantor relinquishes control over them. The terms of the trust are fixed and generally cannot be changed or revoked. It is this irrevocability that provides powerful protection and benefits, including safeguarding assets from creditors and reducing estate tax liability.
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