An Irrevocable Trust may generally be distinguished from a Revocable Trust because, as the name implies, it is irrevocable. An Irrevocable Trust may be established (i) during a person’s lifetime (“intervivos trust”) or (ii) under a person’s Will (“testamentary trust”). A popular form of gifting by many of our clients is to transfer assets to an intervivos irrevocable trust for the benefit of their family members. The assets in the trust can be cash, marketable securities, closely held business interests, real estate, and/or policies insuring the client’s life. Whether intervivos or testamentary, Irrevocable Trusts are useful vehicles for transferring assets to beneficiaries who may need them either for estate or generation-skipping tax minimization or avoidance or non-tax reasons. Typical non-tax reasons for Irrevocable Trusts are that the beneficiary is a minor, has special needs, or that the beneficiary simply needs the financial structure and controls which a trust can provide. Other non-tax benefits of Irrevocable Trusts include protection from creditors and spousal claims. We not only help our clients plan their Irrevocable Trusts but also implement and administer them.