Moreover, you may want to appoint an independent co-trustee in addition to Mom.

FORBES: Death, Taxes and Dice Rolling

One of the SLATs could have a third person act as co-trustee with the beneficiary spouse.

FORBES: Spousal Lifetime Access Trusts--Use Your Gift Tax Exemption Without Giving It All Away

Henry created a self-settled Delaware Domestic Asset Protection Trust (DAPT) for himself, with BNY Mellon as a Trustee and his lawyer as a co-Trustee.

FORBES: As An Asset Protection Trust, Henry's Trust Was A Notable Failure

You are later added as co-trustee when Aunt Joan falls ill.

FORBES: Think Twice Before Becoming a Co-trustee of a Family Trust

Michael Messner is the co-founder of Seminole Capital Partners and a Trustee at The Speedwell Foundation.

FORBES: A Monster Real Estate Paradigm Shift Demands A New Direction for Capital

The trusts are run from Chicago, yet have a legal presence in the Bahamas, where they have a Bahamian trustee--the Canadian Imperial Bank of Commerce Trust Co. (Bahamas)--but engage the Chicago-based International Financial Advisors (IFA) for accounting, administrative work and financial advice.

FORBES: On The Cover/Top Stories