• Revenue Cycle Management
  • COVID-19
  • Reimbursement
  • Diabetes Awareness Month
  • Risk Management
  • Patient Retention
  • Staffing
  • Medical Economics® 100th Anniversary
  • Coding and documentation
  • Business of Endocrinology
  • Telehealth
  • Physicians Financial News
  • Cybersecurity
  • Cardiovascular Clinical Consult
  • Locum Tenens, brought to you by LocumLife®
  • Weight Management
  • Business of Women's Health
  • Practice Efficiency
  • Finance and Wealth
  • EHRs
  • Remote Patient Monitoring
  • Sponsored Webinars
  • Medical Technology
  • Billing and collections
  • Acute Pain Management
  • Exclusive Content
  • Value-based Care
  • Business of Pediatrics
  • Concierge Medicine 2.0 by Castle Connolly Private Health Partners
  • Practice Growth
  • Concierge Medicine
  • Business of Cardiology
  • Implementing the Topcon Ocular Telehealth Platform
  • Malpractice
  • Influenza
  • Sexual Health
  • Chronic Conditions
  • Technology
  • Legal and Policy
  • Money
  • Opinion
  • Vaccines
  • Practice Management
  • Patient Relations
  • Careers

Building flexibility into a trust

Article

I've set up an irrevocable trust at my bank and the assets will go to my two children after I die. But I'm worried that once I'm gone, the trust may become less effective if estate and tax laws change or the bank trustee does a lousy job. How can I prevent those possibilities?

I've set up an irrevocable trust at my bank and the assets will go to my two children after I die. But I'm worried that once I'm gone, the trust may become less effective if estate and tax laws change or the bank trustee does a lousy job. How can I prevent those possibilities?

Consider appointing a trust protector, perhaps a knowledgeable estate-planning attorney. You could grant him or her the authority to amend the trust to reflect changes in the law and minimize the taxes your beneficiaries would owe. You can also provide a list of performance parameters that you want the trustee to meet and give the protector the right to replace the current trustee if he or she falls short of them. Keep in mind, though, that appointing a trust protector will add another layer of complexity and fees. And to avoid unintended consequences it's critical to clearly spell out the powers-and limitations-you're bestowing on him.

Related Videos
Mike Bannon - ©CSG Partners
Jolie Apicella, JD
David Zetter gives expert advice