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" ... 2. A swap power gives you the right to switch properties. Say you transferred an interest in your family business to an irrevocable trust and the trust provides that your son who at the time was running the business would ultimately inherit the business. Subsequently your son decided the family business was not his future, but your daughter has become active in the business. If you can swap the business out of the trust for cash. Once you have ownership of the business back in your name you can bequeath it however you feel appropriate regardless of the terms of the trust. ... "
" ... 6. Planning during marriage. Couples frequently seek to engage in joint estate planning and should discuss protection for all children, joint or otherwise, establishing joint trust that become irrevocable at the death of the first spouse and deals with the statutory elective share. ... "
" ... A SLAT is a type of irrevocable trust that includes the grantor’s spouse as a beneficiary and takes advantage of the current gift tax exemption amount. In a typical structure, the grantor makes a transfer to a trust that is for the benefit of the grantor’s spouse and, if desired, the grantor’s descendants. The trustees can distribute income and principal to any of the beneficiaries pursuant to the trust’s terms. ... "
" ... With a direct payment, you can be confident knowing that your gift was used for a specific purpose (education or healthcare) and that you were able to help relieve your loved one of a financial burden. However, gifts made as direct payments are irrevocable, can only be used for certain qualified expenses and may impact a child’s financial aid award. ... "