I apologize for being blunt, but the answer is you dont ask this question on this forum. You meet with an Estate Planning attorney, allow them to review all the documents, allow them to go over with you your goals, stated and unstated, and allow them to play "What if with you"
To answer your question the Trust document would need to be carefully and throughly review especially with respect to the Power to Appoint.
One of the topics of consider would be what if it turns out that the Child cannot handle the position of CEO?
The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or given me confidential information by posting on this public forum, and my answer on this public forum does not constitute attorney-client advice. IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
I very much agree with Mr. Shultz. This sounds like a complicated arrangement. If the businesses have any net worth at all, you really need to seek (VERY) qualified legal advice from a competent attorney who can review the entire situation with you, including all of your documents. At this point, you have total control of the entire arrangement. Careful planning will allow that to continue for as long as you are able and want to, and then provide for the transition that you wish. You cannot get those kinds of answers on this website.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!
Who are you? The creator of the trust or a beneficiary? If you are the creator consult with the attorney who drafted the trust. If you are a beneficiary ask your father how he intends to do it.
It sounds like an irrevocable trust may have been created for tax reasons. Sufficient control over the trust to accomplish what you are describing may jeopardize the tax planning. Be careful.