On Demand Audio

Decanting Irrevocable Trusts in New York State

(189 reviews)

Produced on July 09, 2019

Taught by
$ 59 Tax Law and Wills, Trusts, & Estates In Stock
Get started now

$299 / year - Access to this Course and 1,500+ Lawline courses

or

Course Information

Time 55 minutes
Difficulty Intermediate

Course Description

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.


Learning Objectives:

  1. Identify useful applications of trust decanting
  2. Review the procedure for decanting a trust under New York State Law
  3. Advise clients on the potential tax consequences of decanting

Credit Information

After completing this course, Lawline will report your attendance information to {{ accredMasterState.state.name }}. Please ensure your license number is filled out in your profile to ensure timely reporting. For more information, see our {{ accredMasterState.state.name }} CLE Requirements page . After completing this course, {{ accredMasterState.state.name }} attorneys self-report their attendance and CLE compliance. For more information on how to report your CLE courses, see our {{ accredMasterState.state.name }} CLE Requirements FAQ .

Faculty

Christopher Miehl

Danziger & Markhoff LLP

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.



Reviews

EK
Evan K.

Stellar. Thanks!

JJ
Jason J.

Good job

Load More