A traditional trust can sometimes create a conflict between the lifetime (i.e. beneficiaries that have an interest in trust assets just for their lifetime) and remainder beneficiaries (i.e. beneficiaries that have an interest in the trust after the lifetime beneficiary). For example, a person may establish a trust that gives their surviving spouse a lifetime income interest in the trust assets but, upon the spouse’s death, pays the remainder of the trust’s assets to their children.  In that situation, investment strategies that provide growth that benefits the children (the remainder beneficiaries) can leave the spouse (the lifetime beneficiary) with little.

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Undue influence is an act of persuasion that overcomes the free will and judgment of another person. It may include exhortations, insinuations, flattery, trickery and deception.

Frequently, undue influence happens when an elderly individual, who may or may not have all of his or her bearings, is convinced to change provisions in a will or otherwise suddenly rewards another person, such as a caregiver.

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The most effective estate planning strategies often involve the use of irrevocable trusts. But what if you’re uncomfortable placing your assets beyond your control? What happens if your financial fortunes take a turn for the worse after you’ve irrevocably transferred a sizable portion of your wealth? If your marriage is strong, a spousal lifetime access trust (SLAT) can be a viable strategy to obtain the benefits of an irrevocable trust while creating a financial backup plan. Indirect access A SLAT is an irrevocable trust that authorizes the trustee to make distributions to your spouse if a need arises. Like other.

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