by Joel Roettger | Apr 14, 2017 | Asset Protection, Estate Planning, Trusts
Should the grantor of an irrevocable trust be treated as the alter ego of the trustee? The IRS and creditors would prefer the answer to be yes, but the Tennessee Trust Code generally says otherwise: Absent clear and convincing evidence, no settlor of an irrevocable...
by Joel Roettger | Apr 11, 2017 | Asset Protection, Estate Planning, Trusts, Uncategorized
Some easy to overlook statutes in the Tennessee Trust Code can save a poorly drafted trust with an interested trustee from inadvertent taxation and creditor exposure. An interested trustee is a trustee who is also a beneficiary of the trust. If the trust instrument...
by Joel Roettger | Apr 4, 2017 | Asset Protection, Estate Planning
Normally, if you establish a Tennessee trust for your own benefit and fund it with your own assets, the trust assets are not shielded from creditors. Instead, creditors can reach the maximum amount that can be distributed to you or for your benefit. This is true...
by Joel Roettger | Apr 3, 2017 | Asset Protection, Estate Planning
Irrevocability. A Tennessee Investment Services Trusts (TIST) is irrevocable, meaning that once it is executed it generally cannot be altered, amended, revoked, or terminated. As a result, it is very important that the trust provisions reflect your wishes. This is...
by Joel Roettger | Mar 30, 2017 | Asset Protection, Estate Planning
In order for a TIST to be effective for asset protection purposes, it must be administered by a “qualified trustee.” A qualified trustee is (a) a Tennessee resident or (b) a bank or trust company that is subject to supervision by the Tennessee Department of Financial...
