Cleveland Clinton and Gregory Sampson: Trust Protector or Trust Defector? Five Hazards to Avoid in Appointing a Trust Protector (December 9, 2022)

Cleveland Clinton and Gregory Sampson, of Gray Reed, have made available for download their article, “Trust Protector or Trust Defector? Five Hazards to Avoid in Appointing a Trust Protector”, published in JDSUPRA. The abstract is as follows:

Unanticipated changes in the law or circumstances may derail a careful plan to preserve a client’s intent to transfer wealth through trusts.

A “trust protector” originated from a need to protect offshore trusts from unchecked foreign trustees in unfriendly jurisdictions. Many planners now view it as an elixir to cure all unknown ills and as a staple in many planner’s forms for all planning.

We recently examined several different “train wreck” trusts – each with different protector concerns. Each was set on a course to destroy the grantor’s express plans; moreover, they all raised serious ethical questions and even possible fiduciary breaches by the planner or protector. Thus, our current top five warnings:

Click here to view Cleveland Clinton and Gregory Sampson’s summary of “Trust Protector or Trust Defector? Five Hazards to Avoid in Appointing a Trust Protector”

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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