Your parents should hire you to administer it for $100,000 and then deduct your salary, for a savings of at least $10,000. I've heard it can be done!
“Your parents should hire you to administer it for $100,000 and then deduct your salary, for a savings of at least $10,000. I’ve heard it can be done!”
Us kids are the beneficiaries of the trust. My sister is handling investments and payments. But a team of lawyers updates the trust to comply with new laws which change constantly. The trust is amended practically every year. I don’t know the legalities, but if you are too closely associated with the trust apparently the IRS can nullify the trust and say it is really your money as you control it and therefore additional taxes apply.
This is off-topic, but the Clinton Foundation, like a trust, is not supposed to be used as your personal checking account. Yet, I read the Clinton’s wrote a check from their foundation to pay for their New York house.