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.
Company at Morris Hall, PLLC
For more than five decades, Morris Hall has been providing quality estate planning legal services for its clients seeking opportunities to preserve wealth and assets through estate preservation plans.
In fact, estate planning, asset preservation and probate law have been our only areas of practice. We are proud to have helped thousands of individuals of all levels of wealth and assets, people concerned about protecting their families from the devastating legal and financial effects of disability and death.
In fact, estate planning, asset preservation and probate law have been our only areas of practice. We are proud to have helped thousands of individuals of all levels of wealth and assets, people concerned about protecting their families from the devastating legal and financial effects of disability and death.
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