kaitlin creates an irrevocable trust and funds it with $10 million in assets, including cash and stocks. the trust is authorized to accumulate income and to make distributions to the american red cross. what type of trust is this?

An irrevocable trust cannot be changed or modified without the consent of the beneficiaries. Essentially, an irrevocable trust removes certain assets from the grantor's taxable estate and those property events are transferred to the trust. A grantor may opt for this structure to relieve assets in the trust of tax liability along with other financial benefits.

Who controls the irrevocable trust?

In an irrevocable trust, legal title to the trust is retained by the trustee. At the same time, the grantor waives certain rights in the trust. Once an irrevocable trust is established, the grantor cannot control or modify the assets transferred to the trust without the consent of the beneficiaries. These assets include business, real estate, financial assets, or life insurance.

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