Core Insights - The article discusses the complexities faced by homeowners, particularly retirees, when considering the sale of a property held in an irrevocable trust, highlighting the implications for asset management and inheritance [1][2]. Group 1: Irrevocable Trust Overview - An irrevocable trust is a legal arrangement where ownership of an asset, such as a house, is transferred to a separate legal entity, meaning the trust legally owns the asset [3]. - The grantor creates the trust, while beneficiaries receive the benefits, and trustees manage the trust's assets [3]. - Unlike revocable trusts, irrevocable trusts cannot be changed or canceled without the agreement of all beneficiaries or court approval, indicating a significant loss of control for the grantor [4]. Group 2: Reasons for Using Irrevocable Trusts - Homeowners often utilize irrevocable trusts for various reasons, including asset protection from creditors or lawsuits, estate planning to reduce estate taxes, and Medicaid planning to exclude a home from eligibility calculations if established before the look-back period [5].