When clients undertake Estate Planning, they face the difficult decision of naming one or more individuals to serve in various fiduciary positions. If a client sets up an irrevocable trust during life, the client may prefer to serve as trustee instead of naming a third party. Serving as trustee gives comfort to the trustor that they maintain a level of control over the assets transferred to the irrevocable trust; however, depending upon the provisions of the trust, naming a trustor as trustee of an irrevocable trust could defeat the intended tax consequences. This article explores what powers a trustor should avoid serving as a trustee of an irrevocable trust. Read on to learn more.
- How Tax and Non-Tax Considerations Impact Estate Planning – Part I - May 24, 2023
- What’s in President Biden’s Revenue Proposals? - May 17, 2023
- The Intersection of Bank Failure and FDIC Insurance - May 10, 2023