Trusts have become a very common element to modern estate planning. Clients are often confused as to the different types of trusts available for various planning needs. One major distinction among the types of trusts is whether it is revocable or irrevocable. This distinction may have significant income and gift tax consequences that need to be explored in the planning process.
See this brief article to begin exploring the income tax consequences of creating an irrevocable trust.
Planning Your Future 