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What Is an Irrevocable Trust?

By Robin Hartill, CFP – Updated Dec 13, 2024 at 10:03AM

Key Points

  • Irrevocable trusts prevent changes by the grantor and reduce taxable estate size.
  • Assets in an irrevocable trust are protected from creditors unless set up to evade legal action.
  • Creating an irrevocable trust requires expert advice due to its complex and inflexible nature.
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