Should Your Estate Plan Incorporate the Concept of the Trust Protector? …and…What Really is the Job of the Trust Protector?
Clients want the best of all worlds: aggressive tax planning that yields optimum tax advantages but with assurance that their plan will not be the topic of discussion within the Internal Review Service or wind up on the docket of the United States Tax Court.
Estate planning clients are often torn between the desire to remove assets from their estates to avoid or minimize estate tax exposure, yet extremely reluctant to release control over assets. There is further reticence to place readily available funds in the hands of the younger generation who are perceived to be ill-equipped to handle substantial wealth, especially in the face of high divorce rates and a very litigious society.
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