Legal arrangement that offers management, distribution, and ownership of property is what is known as trust. Trust that has some terms and provisions that are not possible to change is what is referred to as irrevocable trust. Once a term has been fixed at the beginning of the contract, the guarantor has no power to alter the terms of agreement as it is done in a revocable trust (Thomas, 2013). Many benefits can be enjoyed by taking irrevocable trust. The most common benefits are to minimize tax on the estate, for minor family members, to help those who are financially irresponsible, ...
Essays on Gift Tax
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