What is an irrevocable trust?

What is an irrevocable trust?

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An irrevocable trust is very different than a revocable living trust. An irrevocable trust, I like to say, begins with the capital letter "I" versus a revocable living trust that begins with the capital letter "R". An irrevocable trust just means that it is not a changeable trust by the one who has created it. An irrevocable trust is the primary planning tool for allowing individuals to protect their assets, their modest wealth, from any type of concern over a long-term illness eating those assets up later in life. An irrevocable trust is a very important planning technique that needs to be taken into consideration if you are concerned about protecting your assets for any future long-term illness concern.