An irrevocable life insurance trust is a trust that holds a life insurance policy to prevent estate taxes. The trust is irrevocable, and the grantor cannot withdraw the policy. The trust becomes the beneficiary of the policy, and the grantor cannot change that designation. The grantor cannot borrow against the policy, and the trust holder […]
An irrevocable power of attorney gives an agent the power to make decisions for the principal, but cannot be revoked or changed. It is less common than a revocable power of attorney. Sunset clauses can be added to end the contract on a specific date or condition. Irrevocable powers of attorney are often used for […]
