Swap Power Clause Analysis. Out of the Hood: Analysis with an Attitude: Episode 2
In this episode of Paul's series, Paul will review a composite annotated power of substitution form (“Swap Power”) that is based on the case law, published rulings and private letter rulings. Does your Swap Power consider the following questions:
- Does your Swap Power clause make the power non-assignable (VERY important for asset protection purposes)?
- Can you subject the Swap Power to a veto power held by someone acting in a non-fiduciary capacity (You can), and when would you want to do that?
- Are promissory notes always property of equivalent value (Not always)?
- What, if any, are the minimum requirements for a promissory note offered in substitution for the trust property (There always should be!)?
- Does your Swap Power clause provide relative to the proper standard of value (It better!)?
- And much more!!!
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A native of Louisiana (and a double LSU Tiger), Paul Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. Paul has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. The proud father of two Eagle Scouts and LSU Tigers, Paul has authored or co-authored seven books and hundreds of professional articles on estate and tax planning and business valuation. He was with The University of Toledo Foundation for over four years as Director of Planned Giving, leaving in January 2018. He can be contacted at