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It’s A Gift If You Do. It’s A Gift If You Don’t. What Lurks In The Shadows When An Interested Fiduciary Acts
Trusts and Estates Quarterly - Volume 26, Issue 4
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An estate plan will often name a spouse or child as sole trustee of a trust in which that spouse or child is also a beneficiary. To maximize gift and estate tax savings, as well as enjoy creditor protection afforded by trusts, a beneficiary trustee (“interested trustee” or “interested fiduciary”) should not have unfettered control over the trust. Trust provisions commonly prohibit the interested trustee from using trust funds to discharge the trustee’s legal obligations and limit distributions to ascertainable standards. What practitioners may not realize is that tax elections and administrative actions may also trigger gift and estate taxes, and that additional limitations to an interested trustee’s powers may be prudent to avoid those consequences.
1 Legal Specialization in Estate Planning; Trust & Probate Law
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1 Self-Study Credit
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