What’s Happened to Settlor Intent?

The advent of the current version of the generation-skipping transfer tax is at least partially responsible for the increased popularity of long duration irrevocable trusts.¹ Many states have modified their statutes to accommodate this trend either by eliminating the rule against perpetuities or by substantially increasing the period during which a party may hold property in trust.² An increased desire to achieve asset protection³ through the use of trusts may