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irrevocable trust

   Also found in: Wikipedia 0.03 sec.
Irrevocable Trust
A trust that, once its setup, cannot be changed at all.

Notes:
This is to prevent fraudulent activities.

Irrevocable trust
A trust that is unable to be amended, altered, or revoked.
irrevocable trust
A trust in which the grantor gives up any right to amendments or termination. Income from an irrevocable trust is taxable to the beneficiary if disbursed or to the trust if not disbursed. Compare revocable trust.


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? Mentioned in ? References in periodicals archive
 
2601-1(b)(1)(i) (TD 8644, 12/26/95), which provided that the grandfathering rules do not apply to a pro-rata portion of any GST under an irrevocable trust if additions are made to the trust after Sept.
TC upholds GSTT Regs by Ransome, Justin / The Tax Adviser
Principal Financial, Des Moines, Iowa, announced its Disability Insurance Retirement Security program, which pays benefits to an irrevocable trust.
Two insurers have announced new ways to protect retirement by Panko, Ron / Best's Review
Intentionally Defective Grantor Trusts--A "defective" grantor trust is an irrevocable trust that is effective in shifting ownership of assets out of a grantor's estate but for which the grantor remains treated as the owner for purposes of income taxes.
Estate and succession planning for family-owned businesses by Burford, William R. / Los Angeles Business Journal
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