Does your trust need protection?

A trust protector is often compared to a member of a corporation’s board of directors. A trustee manages the trust’s day-to-day affairs while the trust protector serves in an oversight capacity to prevent trustee mismanagement and to participate in certain major decisions. A trust protector’s specific powers are set forth in the trust document. Among other things, powers may include adding, changing or eliminating beneficiaries’ interests. One advantage of using a trust protector is that you can confer powers on the protector that you wouldn’t be able to hold yourself without exposing your assets to creditors or triggering gift or estate taxes. Contact us for more information.