(PRWEB) July 19, 2012
The Law Firm of Pozzuolo Rodden, P.C. has released the article " What is at Trust Protector"? Below is a sample of the article. If you would like to read more, please read the entire March 2012 article at http://www.pozzuolo.com/Pubs_Newsletters.shtml.
What is a Trust Protector?
A growing trend in trust planning is the use of a Trust Protector. A Trust Protector is a person the settlor or creator of the Trust appoints to ensure that the trustee carries out the settlor’s wishes. In other words, a Trust Protector is the watchdog of the trust and trustee.
Historically, settlors appointed Trust Protectors to oversee the foreign trustees who administered their offshore asset protection trusts. Settlors would setup offshore asset protections trusts to shield their assets from the reach of the U.S. government and domestic creditors. However, in order to take advantage of the creditor protection, settlers had to appoint a foreign trustee – a person or company outside the jurisdiction of the U.S. Often a settlor would have concerns about the foreign trustee’s administration or the settlor did not like ceding complete control to the foreign trustee. Thus, the settlor would appoint a U.S. Trust Protector to oversee the foreign trustee and protect the settlor’s interests during the trust administration.
Over time, the use of Trust Protectors evolved domestically. Domestically, trusts are lasting longer and longer as states have enacted laws governing the length of time a trust could last. More importantly, as Trusts have grown longer in duration, the trust assets grow. More and more, settlors began appointing Trust Protectors to add flexibility to long-term trusts and to increase the settlor’s ability to control the trustee’s behavior over the long haul, especially after the settlor has died...
If you would like to read more, please read the entire March 2012 article at http://www.pozzuolo.com/Pubs_Newsletters.shtml.
This press release was provided by Pozzuolo Rodden, P.C. which provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103