Irrevocable Living Trust
Barron's Finance & Investment Dictionary:
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Irrevocable Living Trust
trust usually created to achieve some tax benefit, or to provide a vehicle for managing assets of a person the creator believes cannot or should not be managing his or her own property. This trust cannot be changed or reversed by the creator of the trust.
| Irrevocable, Irredeemable Bond | |
| Irrevocable Trust, Irs Private Letter Ruling |
Barron's Insurance Dictionary:
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Irrevocable Living Trust
trust in which rights to make any changes therein are surrendered permanently by the grantor. The grantor uses this type of trust to transfer assets and any potential depreciation out of his or her estate in order to avoid federal estate tax on the second estate distributions to heirs, as well as to avoid probate expenses. The primary disadvantage of this type of trust is that the grantor surrenders all control over the assets and the right to change the terms of the trust.
See also estate planning distribution, revocable living trust.
See also estate planning distribution, revocable living trust.
| Irrevocable Life Insurance Trust, Irrevocable, Invitee | |
| Irrevocable Trust, Issue Department, Issued Business |
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Barron's Finance & Investment Dictionary
Dictionary of Finance and Investment Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved.
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