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" ... One might say, "live and learn" but the settlors can never learn because they are dead by the time their beneficiary's creditors start circling the mandatory distributions, and usually by that time there is no easy method of restructuring the trust if it can be done at all. But settlors of such trusts who are still alive can amend their trusts to take advantage of the greater protections of a discretionary trust ⸺ just recall my warning above about trustees going off the reservation and the need for a lot of complex provisions to protect the beneficiaries in that instance. ... "
" ... The term "self-settled" means that Husband and Wife funded a trust for their own benefit, i.e., they were both the "settlors" who created the trust and the beneficiaries of the trust. ... "
" ... The trustees manage the assets for their own benefit just as they did before the trust was created. After they pass away, a successor trustee named in the trust agreement (often one of the settlors’ adult children) takes over and acts for the benefit of the successor beneficiaries (usually the children and perhaps grandchildren of the settlors). Typically the assets are distributed to the successor beneficiaries as directed in the trust agreement. ... "
" ... With trusts, there are three types of players - settlors, trustees and beneficiaries. And the weight of rulings and practice is that a state cannot or will not get nexus to tax a trust by just having one of those things. That was reinforced by the Kaestner decision. And what can be done is structure the trust so it does not have enough anything in one state to allow any state to get taxing nexus on it. Do you think there might be a movement to make Trustafaria the 51st state? ... "