There are probably a thousand different ways to write a trust instrument to deal with certain tax and asset protection issues, but the principal result of declaring a trust irrevocable is to permanently deprive the grantor of all rights and authority in the trust property.
For practically the entire history of the Internal Revenue Code, the amount of assets that could be transfered by an inter-vivos (living) trust without incurring some immediate tax liability was severely limited. However, for the 2012 tax year, it is possible to transfer up to $5,000,000 via a trust without any gift tax liability. So, at the moment declaring a trust irrevocable may not have the same sort of adverse consequence that would typically dissuade a grantor from placing property into an irrevocable trust.
That said, there is another issue which may create a problem for a grantor seeking to protect assets from creditor attack. The Florida Uniform Fraudulent Transfer Act makes it possible for a creditor to force a trust to disgorge assets transferred within four years of the date that a creditor claim arises, if the transfer was originally made for less than "reasonably equivalent value" -- which basically means something in the neighborhood of fair market value.
So, if you are trying to avoid a specific creditor who already has a claim against you, then the irrevocable trust declaration may not produce the desired result.
Hope this helps.
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