What is an irrevocable trust?

An irrevocable trust can provide beneficiaries with financial security and, in some cases, tax advantages. There are many irrevocable trust types to choose from depending on your unique circumstances. An irrevocable trust can help to minimize estate taxes, protect assets, provide for a child with special needs or leave a charitable legacy, for example.

Can an irrevocable trust be changed?

Generally, no one can change an irrevocable trust after you establish it. However, some state laws do allow changes in limited circumstances.

Types of irrevocable trusts

Setting up a charitable trust

Charitable trusts provide support for specific charities by setting up one of the following types of irrevocable trusts.

Charitable lead trust

You direct an income stream to qualified charities for a specified length of time. After this time expires, the remaining assets are distributed to named individuals, usually family members.

Charitable remainder trust

You direct an income stream to a beneficiary such as yourself or your spouse. After the death of the last income beneficiary or a specified term of years, the remaining assets are distributed to qualified charities.

Center for Family Philanthropy from U.S. Bank

We partner with you to help:

  • Align your giving strategies with your values and goals to create meaningful experiences for your beneficiaries.
  • Coordinate between your financial advisor, attorney and other professionals to make charitable giving a part of your overall wealth plan.
  • Create a lasting impact for your family and community.

Consider the location of your irrevocable trust.

When setting up an irrevocable trust, choose a location – or situs – where the state laws are favorable to your long-term vision.

Insights from our experts

How to prepare for your trust planning meeting

What you need to know to make your meeting as successful as possible.

How to choose a trustee of a trust

Naming your trustee is a critical step in setting up a trust. 

5 potential benefits of setting up a trust

When you create a trust, you set up ways to take care of the people you love when you’re no longer able to.

Disclosures
Start of disclosure content

Investment and insurance products and services including annuities are:
Not a deposit ● Not FDIC insured ● May lose value ● Not bank guaranteed ● Not insured by any federal government agency.

U.S. Wealth Management – U.S. Bank is a marketing logo for U.S. Bank.

Start of disclosure content

U.S. Bank and its representatives do not provide tax or legal advice. Your tax and financial situation is unique. You should consult your tax and/or legal advisor for advice and information concerning your particular situation.

The information provided represents the opinion of U.S. Bank and is not intended to be a forecast of future events or guarantee of future results. It is not intended to provide specific investment advice and should not be construed as an offering of securities or recommendation to invest. Not for use as a primary basis of investment decisions. Not to be construed to meet the needs of any particular investor. Not a representation or solicitation or an offer to sell/buy any security. Investors should consult with their investment professional for advice concerning their particular situation.

U.S. Bank does not offer insurance products but may refer you to an affiliated or third party insurance provider.