What is an irrevocable trust used for?

An irrevocable trust is a type of trust that is used in asset protection law, specifically in the state of Massachusetts. This type of trust can be used to protect certain assets from creditors, lawsuits, and other types of financial liability. An irrevocable trust is established by transferring ownership of assets into the trust. Once the assets are transferred, the individual no longer owns the assets, although they may continue to receive the benefits of the assets, such as income from investments. Assets held in an irrevocable trust are protected from creditors, lawsuits, and other financial liabilities. Additionally, the trust can be used for estate planning. Assets in the trust will pass to heirs or beneficiaries when the individual passes away without the need for probate or other legal procedures. The trust creator can also take advantage of certain tax benefits. In summary, an irrevocable trust is a type of trust used in asset protection law, primarily in Massachusetts. This type of trust is used to protect assets from creditors, lawsuits, and other forms of financial liability. The trust can also be used for estate planning and to take advantage of certain tax benefits.

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What is an irrevocable trust used for?

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