What powers over a credit shelter trust can the spouse possess?

Article Abstract:

Credit shelter trusts offer an appealing means of taking full advantage of the $600,000 unified transfer tax credit, but estate planners should be sure that the powers granted to the surviving spouse as trustee do not result in estate or gift taxation at the surviving spouse's death. Powers to terminate the trust or accumulate income should be avoided. The power to divert income to the children is permissible as long as fiduciary standards are met. The IRS is likely to scrutinize these powers at the death of the second spouse.

Powers (Law)

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Transferring a general partnership interest to a living trust

Article Abstract:

Planning to transfer a general partnership to a living trust offers the options of either making the trust a full partner or an assignee of distributive interest. General partners have full liability to third parties and this level of risk may outweigh any benefit to a trustee who serves as a partner. The modern tendency is to subject the trust directly to liability.

Methods, Limited partnership, Limited partnerships, Limited liability, Living trusts

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The Uniform Prudent Investor Act: trust drafting and administration

Article Abstract:

The authors discuss the influence that provisions of the Uniform Prudent Investor Act will have on trust planning and administration.

States, Estate Planning, Interpretation and construction, Uniform state laws, Fiduciary duties

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