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Fixing my Irrevocable Trust: Decanting
Manage episode 361629667 series 3434332
Contenu fourni par Wiggin and Dana LLP's Erin Nicholls and Michael Clear, Dana LLP's Erin Nicholls, and Michael Clear. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Wiggin and Dana LLP's Erin Nicholls and Michael Clear, Dana LLP's Erin Nicholls, and Michael Clear ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.
On this episode, join Partners Erin Nicholls and Michael Clear as they discuss mechanisms we have at our disposal to “fix” an irrevocable trust. The use of decanting, which is traditionally thought of as moving all the assets of one trust to a new trust, is one such mechanism. With the adoption of the Uniform Trust Code in the majority of US States, Erin and Michael contrast the use of common law and statutory decanting, and highlight some of the requirements and issues with both approaches. For example, the situs of an irrevocable trust may need to move to a different jurisdiction. Although decanting is often relied upon to fix an irrevocable trust, there are potentially serious tax implications if not handled carefully. Fortunately, there may be other mechanisms available – stay tuned for our next episode on alternate ways to “fix” an irrevocable trust.
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