You have a vision for your family business that goes beyond your immediate interaction with it. You want to leave it to your children. You hope that they can in turn leave it to your grandchildren. You want to create a legacy that spans the generations and provides income and opportunities for decades to come.
Parents know that a big part of their estate planning is simply leaving money to their children. Physical assets do play a role, but many parents simplify their estate by selling assets before they pass away -- selling the family home when they go to a nursing home, for instance, and simply leaving the money from the sale to the children.
The entire point of an irrevocable trust is to set the fund up so that it cannot be changed. This removes the money from your estate, with one of the benefits being that you can reduce the tax burden on that estate. By making it irrevocable, it shows that the money is really out of your control.
It’s inspiring to consider how many lives have been improved, or even saved, and how many minds have rested more easily thanks to special needs trusts. They’re designed to allow people with special needs to benefit from an inheritance and still receive the help that only the polity can provide.