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.
Christopher Miehl focuses his practice on estate planning and estate administration. Chris develops and implements estate and tax planning strategies specifically tailored for each individual client. From preparing simple Wills that leave assets to a surviving spouse or children to drafting sophisticated trusts designed to minimize estate and generation-skipping taxes, Chris has the experience and knowledge to meet a wide range of estate planning objectives. He has also worked extensively with closely held businesses regarding the development of a succession plan as well as structuring asset protection strategies.
Chris also assists fiduciaries with all aspects of estate and trust administration, including the commencement of probate proceedings in the New York Surrogate’s Court, post-mortem tax planning, preparation of estate tax and fiduciary income tax returns, and fiduciary accountings.
Incredible performance by speaker on a difficult subject
Excellent clear speaker