ROSELAND, N.J./June 15, 2007 -- Anthony F. Vitiello authored an article, “Can You be a Beneficiary of Your Own Trust?” which is featured in the June 4, 2007 issue of NJBIZ. In the article, Mr. Vitiello explains how a self-settled trust can work under the right circumstances.
Mr. Vitiello discusses how nine states have changed their trust laws to allow individuals to create a trust and be a “discretionary” beneficiary of such a trust. However, Mr. Vitiello goes on to say that given the risks associated with self-settled trusts, they should not be used as the first choice in estate planning, but as a last resort.