The word "irrevocable" means something that cannot be changed, reversed, or taken back. It describes a decision, action, or agreement that is permanent and cannot be undone. Full definition
Other strategies include the use of irrevocable life insurance trusts, and giving the cash benefit to your heirs as a gift while you are still alive if the amount you will be giving is less than a million dollars. (usacoverage.com)
For example, one type of annuity product is a life insurance irrevocable trust, which can be a great tool for property protection and federal estate tax savings. (trustedchoice.com)
Where high net worth households tend to separate from the pack, in terms of estate planning households, is the use of irrevocable trusts with a much greater emphasis on asset protection and federal estate tax planning. (insuranceandestates.com)