by Joel Roettger | Nov 12, 2018 | Estate Planning, Trusts
Termination of a trust is like dissolution of a business organization. In both cases, there is a winding up period before the entity legally ceases to exist. Usually, this means paying any outstanding trust obligations, liquidating assets, filing final income tax...
by Joel Roettger | Aug 21, 2018 | Estate Planning, Trusts
If you are considering converting an income-only trust to a unitrust, think again. As the name suggests, an income-only trust is one in which the current beneficiary has access to the net income, but not the principal, of the trust. Once a common feature of the trust...
by Joel Roettger | Apr 12, 2018 | Asset Protection, Estate Planning, Trusts
Consider adding a testamentary limited power of appointment to make SLATs more effective. A spousal lifetime access trust, or SLAT, is a trust created by one spouse (grantor spouse) for the benefit of the other spouse (beneficiary spouse). The purpose of a SLAT is to...
by Joel Roettger | Feb 16, 2018 | Estate Planning, Trusts
Yes, generally, but it does not have to be. The Tennessee Trust Code states as follows: A trust advisor or trust protector, other than a beneficiary, is a fiduciary with respect to each power granted to such trust advisor or trust protector. Why is this significant?...
by Joel Roettger | Feb 6, 2018 | Estate Planning, Trusts
Trust protectors (also known as trust advisors) are becoming a common feature of irrevocable trusts. But what is a trust protector? A trust protector, as defined in the Tennessee Trust Code, is a person who is not a trustee but who nonetheless possesses certain...
