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'I DIG IT' Divorce
The wonderful tax actonym IDIGT (pronounced: “I dig it”) stands for an Intentionally Defective Irrevocable Grantor Trust. Selling assets to an irrevocable trust has become the favorite leisure activity of the ultra-wealthy, not only because it makes for great conversation on the golf course, but also because it can provide an incredible array of tax and asset protection benefits. However, rather than extol the benefits of this technique, here are some issues to consider when Junior gets divorced and Junior's Ex wants to Dig It too.
Fiduciaries
Who are the fiduciaries of the trust? Some IDIGTs are structured with an institutional trustee. This is the ideal arrangement in this context. Others have a family member; some have both a family member and institution. Unfortunately, many parents insist on naming Junior as a fiduciary of his own trust. The Ex will carefully evaluate what powers Junior has in endeavoring to share in the IDIGT nectar. If Junior is an investment adviser making investment decisions, that position might not provide much leverage for the Ex. If, however, Junior were a trustee and had broader powers, that position might open the door to attack the trust. Moreover, if Junior were given the power to distribute to himself, the Ex may have even more opportunity to gain access to the trust.
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