Modifying Irrevocable Trusts: Methods, Governing Law, Consent Requirements, and Tax Considerations
A live 90-minute CLE video webinar with interactive Q&A
This CLE webinar will provide estate planning counsel with practical techniques to modify an irrevocable trust. The panel will describe the various modification methods, including decanting, construction, reformation, division, and amendment. The program will also address potential state law issues and will detail key tax considerations in light of the proposed tax bill.
Outline
- Modification methods
- Judicial reformation
- Non-judicial reformation
- Division
- Amendment
- Decanting
- Other
- Identifying governing law
- Identification of necessary parties
- Representation of parties
- Impact of new tax bill on modification of irrevocable trusts
Benefits
The panel will review these and other key issues:
- What methods are available to modify an irrevocable trust?
- Which state law will govern a trust modification?
- How will the governing state law apply to the validity, construction, or administration of the trust?
- Who must be notified and give consent before a trust can be modified?
- What tax consequences should counsel consider when modifying an irrevocable trust?
Faculty
Joseph M. (Joe) Donohue
Managing Member
Donohue, O'Connell & Riley
Mr. Donohue, Managing Member of Donohue, O’Connell & Riley PLLC, has expertly advised hundreds of... | Read More
Mr. Donohue, Managing Member of Donohue, O’Connell & Riley PLLC, has expertly advised hundreds of clients on how to structure their personal affairs and businesses to minimize taxes, reduce their exposure to unforeseen liabilities and assure the smooth transition of assets between generations. He has a unique ability to efficiently process all the complexities of a situation, explain the best strategy in simple terms and craft a plan that protects families and preserves his clients’ legacies. Affluent families and business owners trust Mr. Donohue to maximize the tax efficiency of their real estate, investment and insurance assets and work with their team of trusted advisors to manage their plans. He began his legal career working in the New York and Paris offices of Leboeuf, Lamb, Greene and MacRae, LLP which had over 20 offices around the world. Fluent in French and German, Mr. Donohue was based in the New York and Paris offices and worked with clients such as Jazz at Lincoln Center, the Lower Manhattan Development Corporation (which developed the 9/11 memorial site at the new World Trade Center), the Art Students League and the American Museum of Natural History, on matters ranging from real estate finance to charitable giving programs. He also has significant firsthand experience as a real estate investor in residential and commercial buildings, which he draws upon to advise clients.
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Jessica Quintero
Partner
Harrison
Ms. Quintero advises clients on complex estate and wealth planning, estate and trust administration, and business... | Read More
Ms. Quintero advises clients on complex estate and wealth planning, estate and trust administration, and business succession planning. She works with individuals, families, and business owners to craft customized wealth transfer and business success solutions, including the use of revocable and irrevocable trusts, Intentionally Defective Grantor Trusts, Beneficiary Defective Grantor Trusts, Irrevocable Life Insurance Trusts, and Grantor Retained Annuity Trusts. Ms. Quintero regularly works with clients to modify existing trusts to address unintended tax consequences, changes in family situations, and other life events.
CloseEarly Discount (through 07/11/25)