Irrevocable trusts can be similar to that excursion you decided to take while on vacation: you were not prepared for the adventure, you had difficulty communicating with your guide, the place did not look like the pictures, and you wonder if you paid too much for the experience. While some of the negative press relating to irrevocable trusts may be justified, the majority of clients would have a different opinion if they had been better informed from the outset. Knowledge is not just power—it sets expectations. This article will provide insight into the irrevocable trust planning and administration process from the perspective of the many grantors and trustees the author has represented throughout the years. During this abbreviated journey, we will explore some of the most frequent issues clients face: the limitations of the irrevocable trust, identifying the best trustee, building flexibility into the trust document, addressing outdated trust terms, and establishing a viable support system. Click here to read the full article on the Virginia State Bar website.
About Lauren Jenkins
Lauren A. Jenkins focuses her practice on tax and estate planning, trust and estate administration, and tax compliance. Ms. Jenkins represents individuals and families with creating and implementing estate plans to achieve their personal and financial objectives. Such planning often includes drafting wills, revocable trusts, and powers of attorney, as well as more advanced estate planning to preserve wealth for future generations. Ms. Jenkins also has experience advising clients who require both domestic and international components to their estate plans. Ms. Jenkins guides clients through the complexities and nuances of trust and estate administration. She advises fiduciaries with respect to their powers and responsibilities, including filing obligations under state and federal law. Additionally, Ms. Jenkins represents beneficiaries who desire separate counsel to ensure their interests are protected and they receive their full entitlement. Ms. Jenkins also represents clients before the IRS, including offers in compromise and voluntary disclosures to resolve noncompliance with respect to U.S. reporting obligations. You can connect with Offit Kurman via Facebook, Twitter, Google+, YouTube, and LinkedIn. WASHINGTON | BALTIMORE | FREDERICK | PHILADELPHIA | WILMINGTON | VIRGINIA