When you create an irrevocable trust, usually, the terms are set in stone. But what happens when you need to make adjustments due to significant life, law or personal changes? For example, let’s say ...
It used to be an irrevocable trust was really irrevocable. Now 25 states allow you to change the terms of an old trust by a newfangled process called decanting. It’s done without going to court, ...
Philip J. Michaels, a partner at Fulbright & Jaworski, and Michelle Schwartz, an associate with the firm, discuss "decanting" - a powerful tool that may be available to modify the terms of an ...
Irrevocable trusts aren’t supposed to be altered, but a couple’s needs can change, especially in a divorce. A process called ...
You likely have created revocable or irrevocable trusts, or a few of both, in your estate plan. Ideally, these have been properly drafted with plenty of flexibility so that they can continue to meet ...
In their Wills, Estates and Surrogate's Practice column, Peter C. Valente and Susan P. Witkin, partners at Blank Rome, write that the new provisions of EPTL 10-6.6 bring considerable clarity and a ...
Massachusetts’ highest court recently held that the trustees of an irrevocable trust could decant the trust property to a new trust even though, at the time of the decanting, the beneficiary, who was ...
In the past 15 years, many jurisdictions known for flexible trust laws such as Alaska, Delaware, Nevada, South Dakota and Wyoming have seen an increasing modernization of trust laws. This trend also ...
Sometimes, the terms of an irrevocable trust (one that cannot be amended or revoked) were appropriate at the time the trust was created, but subsequent events or circumstances make the terms of the ...
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Irrevocable trusts: What they are and when to use them
An irrevocable trust can maintain your wishes after you die, but it will cost you some flexibility. While a last will and ...
Developing an estate plan, with a comprehensive Will and Trust, can help control and may even protect the uncertainty one experiences with dividing assets in a divorce. One estate planning mechanism ...
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