Estate Planning Glossary: I
Irrevocable Trust: A trust that is not amendable or revocable by the grantor. Normally created during a grantor's lifetime.
Inheritance tax: A tax levied by the county of residence of a person who inherits something from a will. The rate of taxation applied will vary on the size of the inheritance and the relationship between the person who inherits and the deceased.
Intangible property: Property that represents only real value (i.e. bank accounts or promissory notes).
Irrevocable trust: A trust that cannot be changed after it has been established.
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