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#284 | Elizabeth Schlesinger; Estate Planning, Rights of Children, Wealth Transfer

The Vance Crowe Podcast

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How to Set Up an Irrevocable Trust

When you set up an irrevocable trust there are kind of four important categories to cover who is the creator of the trust. You could be called the settler or the grantor of the trust when you put your assets into the trust you are as the IRS code would say relinquishing dominion and control of those assets they are no longer yours within the trust. The trustee has a fiduciary duty to manage those assets in a beneficial manner for the beneficiaries if that is no longer a good investment the trustee could sell those sell that stock and invest in something else diversify the holdings things like this.

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