Limited vs. General Power of Appointment. As a Portfolio Manager for professional trustees, I am often asked what sets us apart from our competition. Here's a recent example that might be helpful. Robert, an Estate Planning professional, had a client—Caroline (age 86)—who was looking for a new trustee. He requested an Investment Proposal. With a copy of the trust and account statement, we went to work.

At the beginning of 2022, our concerns included:

• A new Covid variant and supply-chain bottlenecks causing more inflation

• Rising interest rates intended to slow demand and lower inflationary pressures

• Lower earnings growth in 2023.