November 01, 2002

Parental Control over Irrevocable Trusts for Children (2002, 16:06)

“Having Your Cake and Eating It , Too” : Parental Control over Irrevocable Trusts for Children

Probate and Property, November/Decemer 2002, Volume 26, Number 6

By Stuart B. Dorsett

Wealthy parents generally like the idea of using annual exclusion gifts to reduce their taxable estates but generally dislike the loss of access to and control over the gifted property that naturally follows a completed gift. A recent private letter ruling by the IRS suggests that, with careful planning, these parents may “have their cake and eat it, too.”  

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