[The trustee] should be informed of the purposes of the trust, the factors he is to consider, and something of the general frame of mind in which the settlor
wishes him to act."
This Article relates the settlor
function doctrine to ERISA's
The persons engaged in the legal operation of the trust are the settlor
courts have levied substantial daily fines against domestic settlors
and the domestic branches of foreign banks.
(69) However, asset protection trusts also present settlors
with transfer tax planning possibilities.
For example, in Chancellor, the IRS asserted that the trustee-beneficiary's estate should have included the trust because the standard did not relate solely to her health, education, support, or maintenance, but also considered the spouse's "welfare and other appropriate expenditures." After examining the settlor
's intent and the applicable state law, the Tax Court ultimately ruled that the power to invade was limited by an ascertainable standard and did not include the trust in the decedent's estate.
In the longer term, when faced with decisions arising both from the increasing complexity of the familyEoACAOs finances and from the evolving dynamics of the family relationships, professional trustees can find it difficult to ensure they adequately take into account the true intentions of the settlor
when making their decisions.
In these instances, the less well-known private trust company (PTC) concept provides an interesting alternative, in which the settlor
is able to keep a higher level of control, while still retaining many of the benefits of a trust.
' Powers to Compel Mandatory Trust Arbitration 1.
Based on Alaska's continued work on its trust law and increase in protections for both settlors
and trustees, it is possible to conclude that Alaska is set on its goal of being a global financial trust headquarters.
title retention trusts" may help introduce the trust mechanism to settlors
who are unfamiliar with trusts and may be deterred by the prospect of giving away title in their property.
Outline of Underlying Assets: Dispensing fees receivable held by settlors
against Social Insurance Medical Fee Payment Fund (SIMFPF) and the Federation of National Health Insurance Organizations (FNHIOs)