Decanting Irrevocable Trusts in New York State
Created on July 09, 2019
While irrevocable trusts - whose terms generally cannot be amended, modified or revoked - have a variety of uses in estate planning, they lack flexibility. Unforeseen events or a change in a client’s estate planning objectives may cause the terms of an existing irrevocable trust to become obsolete. Decanting is a solution to this problem. Trust decanting, as its name would suggest, is an estate planning technique through which a trustee transfers assets from one trust to a second trust. In New York State, decanting is specifically authorized by statute (EPTL 10-6.6).
This first part of the program will review decanting under New York State law. It will provide viewers with useful applications of decanting and the procedure for decanting a trust in New York State. It will also review the limitations of decanting. The second part of the program will examine the potential estate, gift, income, and generation-skipping tax consequences of decanting a trust. The last part of the course will review recent updates in the law that affect decanting.
- Identify useful applications of trust decanting
- Review the procedure for decanting a trust under New York State Law
- Advise clients on the potential tax consequences of decanting
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