Trust Decanting: Flexibility and Danger

Achieving Tax Benefits, Revising Fiduciary Powers, and Mitigating Trustee Liability

Recording of a 90-minute CLE/CPE webinar with Q&A


Conducted on Tuesday, May 10, 2016

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE webinar will review when situations where a trust decanting may be appropriate and highlight differences in the state decanting statutes. They will also discuss the newly enacted Uniform Trust Decanting Act.

Description

Decanting to modify irrevocable trusts is increasingly utilized as an estate planning technique to address changes in the law applicable to the trust, changes in family circumstances or the desire to change a trust’s administrative provisions. Achieving tax benefits and adding asset protection can also be accomplished through decanting.

The decanting power provides a great deal of flexibility but is fraught with inherent dangers. Decanting can enable the trustee of an irrevocable trust to “re-write” the trust in certain respects, including the potential elimination of beneficial interests. With differing state laws on decanting and new state laws on the horizon, counsel must stay abreast of and understand the differences between jurisdictions. Structuring documents to incorporate flexibility for decanting is also important.

Listen as our panel of trust and estate law attorneys discusses decanting as a strategy for restructuring trusts, highlighting the different requirements in state decanting statutes and potential pitfalls in decanting.

READ MORE

Outline

  1. Benefits of decanting
  2. Common law and state decanting statutes
  3. Common pitfalls
  4. Best practice strategies and ethical considerations

Benefits

The panel will review these and other key issues:

  • How do state decanting statutes differ? What new state laws are anticipated?
  • What is the Uniform Trust Decanting Act?
  • What types of situations are most appropriate for decanting?
  • What are the most common pitfalls and risks in decanting?
  • How can counsel anticipate the need for future decanting when preparing trust documents?

Faculty

Finkelstein, Meryl
Meryl G. Finkelstein

Partner
Brick & Patel

Ms. Finkelstein counsels clients on a wide variety of complex estate planning, business succession and wealth transfer...  |  Read More

Todd A. Flubacher
Todd A. Flubacher

Partner
Morris Nichols Arsht & Tunnell

Mr. Flubacher represents individuals in matters involving complex estate planning, asset protection, estate...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

$297

Download

$297