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Does Your Trust Need a Protector?

Trusts can serve a variety of tax and estate planning purposes, such as avoiding probate and minimizing gift and estate taxes. Typically, to achieve the greatest tax savings, trusts must be irrevocable. But it can be disconcerting to relinquish control over assets you place in a trust, particularly if you believe Congress will continue to modify the tax laws. One potential solution is to appoint a “trust protector” to oversee the trustee’s activities and to provide flexibility to adapt the trust to changing laws and circumstances. The protector’s role A trust protector is to a trustee what a corporate […]