One of the most popular tools for planning and protecting your family’s wealth is an irrevocable trust. Irrevocable trusts come in many forms and serve many purposes. An irrevocable trust can keep assets out of an estate, protect beneficiaries and assets, but it is important to find ways to build flexibility into an irrevocable trust, because in order to accomplish it’s intended purpose it is as it says – irrevocable. In 2021, the Texas legislature adopted a new rule which extended the life of an irrevocable trust for 300 years making that built-in flexibility even more critical. The use of a Trust Protector or a Trust Advisor in trust planning is the perfect tool to provide a trust a way to adapt to changing laws, people and family circumstances. But who should serve? What experience might be beneficial to the role such as an accounting, legal or investment background? Who would have an understanding of trust planning and family dynamics? The choice of a Trust Protector is important but often there is no one person with all of that experience. We include provisions for Trust Advisors or, often, Trust Advisor designators in almost all of our planning in order to protect our clients and their families’ wealth and the planning strategy. Given the potential tax changes and other challenges facing the wealthy our attorneys try to be as proactive as possible. If you have an irrevocable trust in your planning be sure there is a Trust Advisor protecting the interests and integrity of your trust. Call your attorney at Thrash, Carroll & Vanway Law Group to help you with your family planning.
