Uses of Trusts in Estate Planning - Stewart McKelvey
Uses of Trusts in Estate Planning - Stewart McKelvey
Uses of Trusts in Estate Planning - Stewart McKelvey
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Alter Ego and Jo<strong>in</strong>t Partner <strong>Trusts</strong><br />
• If trust is irrevocable with no power to<br />
encroach on capital dur<strong>in</strong>g settlor’s<br />
lifetime, will protect the capital (but not<br />
<strong>in</strong>come) from creditors<br />
• Ma<strong>in</strong> drawback is <strong>in</strong>ability to transfer<br />
assets to a testamentary trust<br />
• Usually need at least $200,000 <strong>in</strong> assets<br />
to justify the expense to set-up and<br />
ma<strong>in</strong>ta<strong>in</strong> the trust