An
irrevocable trust that becomes a
revocable trust after a certain number of years. An irrevocable trust is one where the
grantor forfeits his/her ability to dissolve the trust and to reclaim the
assets placed in it, while a revocable trust is one where the grantor retains these rights. If the grantor dies while the trust is irrevocable, the trust is not considered part of his/her
estate for
estate tax and
inheritance tax purposes. On the other hand, if the grantor is still living when the trust become revocable, the assets can be considered part of the estate, but at the same time the grantor may revoke the trust and use the assets if he/she runs into
financial difficulty or for any other reason.