For those who have created an irrevocable trust with a friend as a trustee, yourself as the grantor and beneficiary, what of your assets did you transfer and how did you structure the trustee agreements in order to ensure (or encourage) access or distributions to you while preserving asset protection (loss of control)? Have you listed yourself as a financial advisor for said trust?

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This isn’t the type of agreement to DIY or question to crowdsource. Fast track to being stuck in a situation where you get all of the downsides of trusts with none of the upside, to say nothing of likely blowing up the friendship.

Hire an estate planning attorney.

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We do this all the time… my first question would be why you’ve chosen this structure?… because once the assets are in a IRR Trust, they are legally no longer your assets…

However the documents are drawn is how they are drawn, it’s IRR, so you lose control and you assign a trustee to handle the investment strategy as well as acting in accordance with any and all distribution policies put in place… typically you cannot make a last minute decision to change the structure…

You cannot be both the beneficiary of the trust and the grantor (except for certain structures like IDGT/DAPT/MAPT/SLAT)… that’s the whole purpose, the assets are no longer for your benefit… what your trying to create is a revocable income trust, where you are the grantor and beneficiary with successor beneficiaries…

But bigger picture, if the assets still ‘feel like yours’ or are ‘under your control’ it’s probably not an IRRT…

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Let’s work backwards… what are you trying to accomplish? Because technically there’s no way to do all three… not with one specific trust… but you’d have to either layer or structure it appropriately…

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What's the purpose/benefit of this?

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Generally to get assets out of your estate for one of these three reasons... to avoid spend down requirements for Medicaid, to avoid estate tax, or asset protection from lawsuits.

They are far from perfect and have additional compliance costs, along with potentially not accomplishing whichever of the three items above for which they are trying to solve.

What are your asset protection concerns? Are you a doctor worried about malpractice? You have a bunch of rental properties and are worried about someone piercing a veil and actually getting to your personal assets? Are there other structures available to provide the protection you're looking for without trying to create an unwieldy trust structure which probably needs to be more than just: I put a couple million in a trust and name my best friend, Joe Smith as trustee. Offshore structures, trusts in asset protection favorable jurisdictions like Alaska, South Dakota, etc., or if you are in states that provide asset protection for property held in joint names with a spouse, sometimes it's as simple as that.

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