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.
What would happen if something unexpected happens and you become incapacitated or pass away? Would your loved ones know your health care choices, or what to do with your assets?
You have the right to make your own decisions now about your assets and your health care, but if you don’t exercise these rights, they can be taken from you by the courts and government Read More!
You have the right to make your own decisions now about your assets and your health care, but if you don’t exercise these rights, they can be taken from you by the courts and government Read More!
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