www.OhioGO.com
The problem is, you will eventually die. When you die, your heirs then become the beneficiary of the trust, and whoever you have appointed as the successor trustee in your trust document will become the acting trustee. Remember the RLT is now an irrevocable trust. Therefore, the same reasons I have stated about, now become things which are now pertinent to what started life as an RLT! So who should the trust protector be? Like the trustee, it should be somebody that you place your trust in. The trust protector should generally be an attorney or a CPA. Why you may ask? Because they are trusted advisors and they should know something about trust laws. Remember, they are coming out from behind the screen and making a decision and then returning behind the screen. The trust will naturally set forth what the trust protector can and cannot do. This is necessary because a trust is a contract and all the pertinent powers and provisions must be contained in the document. So if you are wanting to protect your oil and gas interests, it is important to understand what you need in your in your asset protection and estate planning documents. It is important that you counsel with an attorney who concentrates their practice in the asset protection area of the law. If you would like more information about asset protection and estate planning or to review my past articles concerning asset protection, please go to our firm website at www.fmcclurelaw.com.
Dix Communications - Gas & Oil
January 2014 Edition
57
David Mungo, M.D. A bone surgeon with HEART!
(330) 596-6500 1900 S. Union Ave., Suite 100 www.achstory.org
“Where All Your RV Needs Are Met!” Onsite job trailer & RV experience. Servicing the local Gas & Oil Industry. “Our mobile service truck will come to you when you need us!” FULL SERVICE
MOBILE SERVICE
PARTS & ACCESSORIES
STORAGE
RETAIL STORE “Like” Us On
MAINTENANCE PROPANE