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Tips From the Pros: Re-thinking Trusteeship and Flexibility for Spousal TrustsTips From the Pros: Re-thinking Trusteeship and Flexibility for Spousal Trusts

John M. Janiga, Louis S. Harrison and Beth L. Fox explain how 2022 is a pivot point to re-think how to add flexibility to a spousal trust.

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John M. Janiga, Louis S. Harrisonand 1 more

January 25, 2022

7 Min Read
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With the increased proliferation of spousal trusts in both lifetime and testamentary planning, 2022 provides a pivot point to re-think how we add flexibility to these trusts, while preserving their most important elements. In particular, with spousal lifetime access trusts, of which spousal insurance trusts are a subspecies, marital trusts (all of which should be qualified terminable interest property (QTIP) trusts in 2022 and going forward) and credit shelter trusts (structured as QTIP-compliant to permit future portability decisions), preserving the tax benefits of these trusts requires limiting the surviving spouse, while acting as trustee, to an ascertainable standard (essentially one relating to health, education, maintenance and su...

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About the Authors

Louis S. Harrison

Partner, Harrison LLP

A frequent speaker and writer on tax and estate planning, Louis S. Harrison has spoken before numerous groups nationwide. He has authored more than 100 published articles on a broad range of tax and estate-planning subjects in legal, accounting, tax and estate journals and periodicals, and is co-author of the books, "Sorting Out Life's Complexities: What You Really Need to Know About Taxes, Wills, Trusts, Powers of Attorneys and Health Care Decisions" and "Illinois Estate Planning Forms and Commentary."

Louis S. Harrison is the Illinois State Chair of the American College of Trusts and Estate Counsel and has been an adjunct professor at Northwestern University School of Law, DePaul University College of Law and Chicago-Kent College of Law.

As a member of the Chicago Bar Association, Lou has chaired the Estate and Gift Tax Committee and served on the Trust Law Committee and Probate Practice Committee.

Before joining Harrison & Held, LLP, Lou was the partner in charge of the Lord, Bissell & Brook Wealth Preservation Group.

Beth L. Fox

Attorney, Harrison & Held, LLP

Beth L. Fox joined Harrison & Held, LLP in 2016 after receiving her Juris Doctorate from Chicago-Kent College of Law. She focuses her practice on estate planning, estate and trust administration and tax planning.

While in law school on a full academic scholarship, Beth interned at Harrison and Held, LLP, and served as a Notes and Comments Editor of the Chicago-Kent Law Review. As a student, Beth earned the CALI award for highest class mark in seven classes including Estate Planning, Trusts and Estates and Income Tax, and graduated in the top 1.6% of her class.