Another difficult estate planning decision our clients face is 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.
Estate Planning Attorney at Slaton Schauer Law Firm, PLLC
Regina Slaton Schauer, has been practicing law for 25 years and is licensed to practice in Texas and Oklahoma. In addition to doing estate planning, her background includes being a Judge for eight years, working in a district attorney’s office and running two international programs where children were brought from orphanages and placed into loving American homes.
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