Trust Decanting: Recent State Laws and Challenges for Estate Planners

Note: CPE credit is not offered on this program

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


Conducted on Thursday, February 13, 2020

Recorded event now available

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Program Materials

This CLE webinar will review situations where trust decanting may be appropriate. The panelists will discuss decanting statutes, the potential tax issues associated therewith, critical legal issues for trust decanting, and significant case law approving and disapproving attempts to decant.

Description

Decanting of 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 may 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 and developing case law.

Listen as our panel of trust and estate law attorneys discusses decanting as a strategy for restructuring trusts and potential pitfalls in decanting (including estate, gift, and generation-skipping tax issues).

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Outline

  1. Benefits of decanting
  2. Common law and state decanting statutes
  3. Common pitfalls
  4. Best practice strategies and fiduciary duties
  5. Developing case law

Benefits

The panel will review these and other key issues:

  • What types of situations are most appropriate for decanting?
  • What are the most common pitfalls and risks in decanting?
  • Fiduciary duties
  • Developing case law

Faculty

Corbo, Philip
Philip C. Corbo

Shareholder
Orloff Lowenbach Stifelman & Siegel

Mr. Corbo practices in tax and estate planning for individuals, including business executives, professionals, and...  |  Read More

Ollenschleger, Craig
Craig A. Ollenschleger

Shareholder
Orloff Lowenbach Stifelman & Siegel

Mr. Ollenschleger's experience inlcudes commercial litigation and arbitration (including disputes arising under the...  |  Read More

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