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What Is An Irrevocable Trust?

irrevocable trust
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Keith Youngren, CPA
An irrevocable trust is a trust, which, by its terms, cannot be modified, amended, or revoked. For tax purposes an irrevocable trust can be treated as a simple, complex, or grantor trust, depending on the powers listed in the trust instrument. A revocable trust may be revoked and is considered a grantor trust (IRC § 676). State law and the trust instrument establish whether a trust is revocable or irrevocable. If the trust instrument is silent on revocability, then most states consider the trust revocable.

If you would like more information on trusts or setting up one, please contact Keith Youngren at www.taxconnections.com/Keith-Youngren-CPA/12274983/United-States/Texas/Austin/profilepage
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