A legal arrangement known as an irrevocable trust cannot be terminated, and its conditions cannot be altered without the stated beneficiary's consent. However, to save taxes and safeguard assets from claims made by creditors or other parties after the death of the trust's creator, some clients decide to establish irrevocable trusts. Generally, people prefer revocable trusts because of their flexibility. However, there are specific reasons and advantages to choosing irrevocable trusts instead. Let's look at what those advantages are…
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