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What are Irrevocable trusts?
In an irrevocable trust, you must be willing to give up complete control of the property. If you retain certain rights in the trust, such as the right to receive trust income or the right to change a beneficiary, the trust property will be included in your estate because you didn't give up control over the trust's assets. Also, keep in mind that because you give up control over the property you transfer to the trust, you have made a gift for which there may be gift-tax consequences.

Types of irrevocable trusts include:
Testamentary Trusts, which are established under your will and become effective upon your death to help minimize your estate taxes, preserve your wealth, and provide for your spouse and children.
Charitable Trusts, which may be established during your lifetime or under your will. Various types of charitable trusts enable you to make contributions while maintaining an interest in the trust for yourself and/or your beneficiaries. Charitable trusts may also help minimize your estate taxes and provide income tax deductions. For example, if you contribute a low-cost-basis security to a charitable trust, the trustee can sell the security. You may benefit from the proceeds generated from the sale that are invested in the trust and receive an income tax deduction.
Life Insurance Trusts exclude life insurance proceeds from an insured individual's taxable estate, thus reducing estate taxes and providing a managed source of income for beneficiaries.
Special Needs Trusts are established to provide for expenses above and beyond those that are covered by government programs for individuals who have suffered from various disabling events.