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How Do I Trust Thee…Part II

August 17, 2022 by Compliments of Bier Law

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.

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Compliments of Bier Law
Compliments of Bier Law
Compliments of Bier Law
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Filed Under: Estate Planning, legal education Tagged With: estate planning, successor trustees

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