Trust Your Trustee

Many people’s revoIf this is your concern, cable trusts are deyou may wish to forego signed to continue for appointing a child as a period of time past successor trustee and their deaths. For use a third-party trustee example, you may want instead. But if your estrust assets distributed tate is not large enough to your grandchildren to justify the expense of when they attain a cerhiring an accountant, tain age. Your successor lawyer or the trust trustee is the person department of a bank who will make those as successor trustee, you Joseph S. Karp, distributions and manmight want to considC.E.L.A. age the trust assets. er appointing a close You must trust your trustee... family friend or perhaps your own obviously! And that means giving him sibling. The point is to select somesome degree of discretion. If you tie one you feel comfortable giving his hands with too many restrictive discretion, who can be objective provisions, you hamper his ability to and unflappable when beneficiaries properly manage your assets when complain. conditions change. Some examples: You may also want to think about appointing a “Trust ProtecListen to Joe Karp and Anita Finley on tor,” an impartial third party the successor trustee Saturday, July 17 from 7:30-8:00 PM and beneficiaries may conon WSBR 740AM and on the tact to settle problems. Internet at www.wsbrradio.com. You can even empower the Trust Protector to make Your trust specifies that your changes to your trust provisions if daughter will receive a minimal circumstances make it prudent to do annual sum, and your struggling so, like a change in the tax laws. son, a far larger amount. But those See a Certified Elder Law Attorney figures are based on conditions at for advice on making the most the time you drafted your trust. prudent choices! What if your beneficiaries’ financial Joseph S. Karp is a nationally certifortunes reverse? fied and Florida Bar-certified elder law You specify that a particular stock attorney (C.E.L.A.) specializing in the is never to be sold; maybe you worked practice of Trusts, Estates and Elder Law. for that corporation and the stock His offices are located at 2500 has performed well. But today’s Wall Quantum Lakes Drive, Boynton Beach; Street darlings can be tomorrow’s 2875 PGA Blvd., Palm Beach Gardens; disasters. This provision would pre- and 1100 SW St. Lucie W. Blvd., Port St. Lucie. vent your trustee from selling it. Most people who put in these reCall him at 561-752-4550 (Boynton); strictive provisions aren’t control 561-625-1100 (Palm Beach Gardens); freaks. Usually they’re just trying or 772-343-8411 (Port St. Lucie). to keep peace among their adult Toll-free from anywhere: 800-893-9911. children: “If Johnny is trustee and E-mail: KLF@Karplaw.com or website Bobby and Susan are not, Bobby and www.karplaw.com. Read The Florida Elder Law and Susan can hardly complain about Johnny if he is just doing what I told Estate Planning Blog at www.karplaw.blogspot.com. him to do.”

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