Description
Understand relevant issues in trust decanting and learn provisions of irrevocable trusts.As circumstances, laws, and goals change over time, it can become necessary to modify an irrevocable trust. Estate planners and trustees can utilize various options to modify irrevocable trusts, including decanting, nonjudicial settlement agreements, trustee modifications, and probate court modifications. This presentation will review and explain how and when to modify irrevocable trusts, the advantages and disadvantages, and the typical circumstances under which irrevocable trusts are modified.
Date: 2023-02-07 Start Time: End Time:
Learning Objectives
Why Clients Establish Irrevocable Trusts?
• Common Reasons for Modification
• Options for Fixing Broken Trusts
Non-Judicial Settlement Agreements
• Material Purpose
• Interested Parties
• Virtual Representation
Decanting
• Statutory and Trust Agreement Authority
• Grantor Intent and Limitations
• Tax Issues
Trustee Modification
• Statutory Authority-Scope of Administrative Powers
• Grantor Intent/Material Purpose and Limitations
Probate Proceedings
• Petition for Modification Generally
• Involvement of Interested Parties
• Bosch Cases-in Massachusetts
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Christina Krakoff-Mclane Middleton, Caitlin McCurdy – Mclane Middleton
