An irrevocable trust is a trust that cannot be amended, modified, or terminated by the grantor, settlor, or trustor (person who created the trust) after it is created—at least not without the permission of the beneficiary or beneficiaries.

Irrevocable trusts generally offer tax benefits that revocable trusts do not. This is primarily because the grantor, settlor, or trustor who creates an irrevocable trust permanently transfers (gifts) all right of ownership of the assets to the trust and its beneficiaries.

Laws vary from state to state but a trust is usually irrevocable unless the grantor, settlor, or trustor specifies otherwise in the trust agreement.

In Louisiana, an irrevocable trust is a legal arrangement where the grantor (the person who creates the trust) transfers ownership of assets to the trust and relinquishes control over them. Once established, the trust generally cannot be changed, modified, or terminated by the grantor. The assets are managed by a trustee for the benefit of the trust's beneficiaries. Irrevocable trusts in Louisiana are often used for estate planning purposes, as they can provide tax advantages and asset protection. The assets in the trust are not considered part of the grantor's taxable estate, which can reduce estate taxes upon the grantor's death. Additionally, since the grantor no longer owns the assets, they are typically protected from creditors and may not be subject to legal judgments against the grantor. It's important to note that the specific terms of an irrevocable trust are governed by the trust agreement and relevant Louisiana statutes. Trust law can be complex, and those considering setting up an irrevocable trust should consult with an attorney to ensure that the trust is properly established and meets their estate planning goals.