what is the difference between an irrevocable and a revocable trust 
first irrevocable trusts cannot be changed or altered among the primary reasons they are used is for tax reasons where the assets in the trust are not taxed on income generated in the trust along with taxes in the event of the benefactor s death 1 revocable trusts on the other hand can change beneficiaries may be removed and stipulations may be modified along with other terms and management of the trust however when the owner of the trust dies the assets held in the trust realize state and federal estate taxes 118who controls an irrevocable trust under an irrevocable trust legal ownership of the trust is held by a trustee at the same time the grantor gives up certain rights to the trust once an irrevocable trust is established the grantor cannot control or change the assets once they have been transferred into the trust without the beneficiary s permission these assets can include a business property financial assets or a life insurance policy the bottom lineirrevocable trusts can be very useful in estate planning to minimize estate taxes and protect assets there are two different types living trusts created and funded by an individual during their lifetime and testamentary trusts which are created after the death of their creator according to the terms of their will irrevocable trusts are more complex arrangements than revocable trusts and may have current and future tax implications so it s best to consult a tax or estate attorney if you re contemplating setting one up 