An irrevocable trust is a legal tool where the grantor permanently gives up control of assets placed in the trust, meaning the terms generally can’t be changed. It’s often used to protect assets from creditors, reduce estate taxes, or help qualify for Medicaid. People who may benefit include those planning for long-term care, parents of children with special needs, or individuals with large life insurance policies. Because the assets are no longer in the grantor’s name, they offer protection and potential tax benefits.