E-Procurement and the Purchasing Process. 1  A virtual elimination of paperwork and paperwork handling. 2  A reduction in the time between need recognition and the release and receipt of an order. 3  Improved communication both within the company and with suppliers. 4  A reduction in errors. 5  Lower overhead costs in the purchasing area.
An irrevocable family trust is a noncharitable trust set up by the creator, or settlor, for the benefit of family members. This type of trust is typically a permanent agreement that controls family assets placed into the trust for the benefit of the beneficiaries named in the trust papers.
An irrevocable trust can be a great estate planning tool -- as long as you're completely sure of your plans. Image source: Getty Images. An irrevocable trust can shield your assets from estate taxes and legal liability, and can help you leave assets to a beneficiary in a clearly defined manner. However, irrevocable trusts are permanent and the assets placed in them technically aren't yours anymore, so it's important to consider the pros and cons before setting one up.