If you’ve heard of an irrevocable trust but don’t really understand them or what they are used for, you’re not alone. Most people have only heard one thing about these types of trusts: They’re set up by the rich as a way to give assets to their loved ones after they have passed.  However, only part of this popular belief is true.
Irrevocable Trusts are designed to allow a person’s estate to continue to be useful long after they pass away.  These trusts aren’t only beneficial for the Kennedy’s or the Rockefeller’s. Ordinary citizens have the ability to greatly benefit from these trusts as well, and with a little research and work, you may be able to do it without paying thousands of dollars in legal fees.