When you consult an irrevocable trust lawyer for advice regarding your estate plans, you may want to consider the trust as a vehicle for safeguarding assets for your children and/or other beneficiaries. A trust is a common estate planning tool for avoiding some of the fees and taxes that go along with many estates. There are many different types of trusts, including irrevocable trusts and revocable trusts. While a revocable trust, or a living trust, can be changed or revoked at any time you so choose, an irrevocable trust is a permanent type of trust that can only be changed with the permission of the trust's beneficiaries. Plus, an irrevocable trust can be quite advantageous for income tax purposes. Once you have deeded or placed assets into an irrevocable trust, they are no longer considered to be your individual assets for income tax purposes.