When our clothes are too tight or loose, have holes, or need adjusted to best fit, we go see a tailor. A tailor examines the clothing, listens to feedback, and determines what changes can be made. Then, the tailor gets to work altering the clothing to fit our needs.

Historically, irrevocable trusts were generally unalterable. Once an irrevocable trust was in place, regardless of circumstances or laws, the trust was locked. The rule against perpetuities was still enforced by states and forced outright distribution of trust assets after a number of years, so this lock was not as much of an obstacle for beneficiaries. Under current tax laws and many state laws, however, properly structured irrevocable trusts have the ability to continue in perpetuity. This means that individuals could be beneficiaries of an irrevocable trust that was created three or four generations ago.

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