irrevocable income-only trust (IIOT)

Definition

A living trust that protects the assets of an individual from being sold to pay for healthcare so that they can later be inherited by the beneficiary(ies) of the trust. Although the assets are somewhat restricted under the trust, the grantor retains the right to use the assets and generate income as he/she deems fit.
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irrevocable consent irrevocable letter of credit