Be careful in your use of the term "irrevocable testamentary trust". I think you have irrevocable trusts and testamentary trusts confused. Remember testamentary trusts are created and funded in your [last] will [and testament] so when they are created you will be in no condition to revoke them. You can change their terms right up until you die but after that they are irrevocable (by you at least). Testamentary trusts are irrevocable but are not necessarily forever. In your will you can set up your trust to end at a particular event like when your child reaches thirty. Note, they are subject to probate and do not offer any particular tax advantage.Irrevocable trusts are set up while you are alive. Hence they are called "inter vivos" trusts. Think of them as a gift or donation. Once you put the money in the trust it is not yours anymore so you can't get it back. They have tax and asset protection features that make them popular.
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