When should I consider an irrevocable trust?

Consider an irrevocable trust when you have specific goals it can achieve, like protecting assets from creditors, qualifying for Medicaid, or reducing estate taxes on a very large estate. Because the federal exemption is now 15 million dollars per person, far fewer people need one for tax reasons. The tradeoff is giving up control of the assets, which is significant. Talk with an experienced attorney before committing, since these are hard to undo.