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What is an irrevocable trust?

An irrevocable trust is a trust in which the creator transfers assets to a trust with no power to alter, amend, or revoke the terms of the trust at a later date. Unless the creator retains certain powers or benefits, income generated by the trust and distributed to a trust beneficiary is taxed to the beneficiary; all other trust income (undistributed or accumulated income) is taxed to the trust’s fiduciary.

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