Once an irrevocable US trust is created, what are legitimate expenses that can be charged by the trustee against the income of the trust? If the grantor remains a trustee, can she cover her travel expenses to visit the bank and the beneficiaries of the trust, to review trust-related issues?
Relative to the issue of the trust being irrevocable, is there any way to create flexibility on the actual list of beneficiaries or relative amounts to be given to each of those people prior to the death of the grantor? Is there a way to make the trust itself irrevocable, but give a trustee after time of death some discretion in how the benefits are divided among the beneficiaries?