Irrevocable Living Trust Advantages and Disadvantages
Business Definitions -Irrevocable Living Trust
Irrevocable Living Trust - Advantages and Disadvantages
A Living Trust Irrevocable - Definition
An Irrevocable Living Trust is an arrangement in which the grantor departs with ownership and control of property. Usually this involves a gift of the property to the trust. The trust then stands as a separate taxable entity and pays tax on its accumulated income. Trusts typically receive a deduction for income that is distributed on a current basis. Because the grantor must permanently depart with the ownership and control of the property being transferred to an irrevocable trust, such a device has limited appeal to most taxpayers.