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Irrevocable Trust

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Definition: A type of trust that by its design can't be modified, amended, changed or revoked. Used to achieve a variety of estate planning goals, including reducing or even eliminating estate taxes by removing property from the Trustmaker's estate; reducing or even eliminating estate taxes for future generations; establishing a charitable legacy; and providing asset protection for surviving spouses, descendants, and other beneficiaries.
Also Known As: Inter Vivos Irrevocable Trust, Irrevocable Living Trust, Testamentary Trust

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