Picking a trustee for a trust can be difficult, but it’s more complicated if you are using an irrevocable trust for tax planning purposes. 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.
Edwin (Win) Cook is a third-generation lawyer who helps individuals and business owners with estate planning, the probate process, and commercial disputes. He is a trusted advisor to individuals, professionals, business owners, and trustees on their most important and personal matters. Win is dedicated to the practice of law as a profession and is a member of the Atlanta Bar Association, the Cooper Inn of Court, and the State Bar of Georgia.
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