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Each beneficiary still has his/her own different account and his or her own trustee,chosen by the nonprofit company The Law Firm of Steven F.Bliss Esq.(858) 278-2800 Estate Planning Attorney The trustee has the usual fiduciary duty to utilize care,skill and care in evaluating both the function of real estate in the trust’s overall portfolio as well as considering the risk-reward compromises involved.
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Simply keep in mind,however,that if you and your spouse are both covered by an insurance coverage owned by your ILIT,neither of you can serve as Trustees.
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