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.
Beth Mitchell is a partner in the law firm of Mitchell & Faix. Beth devotes her practice to estate planning, elder law, special needs planning, and probate and trust administration. She is a member of the American Academy of Estate Planning attorneys, the National Academy of Elder Law attorneys, the Denver Bar Association, and the Colorado Bar Association Read More!
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