Improving Existing Irrevocable Trusts: Decanting, Reforming and Other Practical Planning Implications

Course Description:  This webinar will discuss why all advisers should think about decanting, reformation, trust protector actions and other possible options to correct or improve existing old irrevocable trusts. In the past a trust that was irrevocable was viewed as “carved in stone,” and unchangeable. That is certainly no longer the case as the law, drafting techniques, and other circumstances have changed. This webinar will provide a practical discussion targeted towards not just lawyers who may draft the documents necessary to modify an old irrevocable trust, but also to the role which CPAs, Wealth Advisers, insurance consultants and others can play in this process. Decanting, which is modifying the terms of a trust by distributing its assets to another perhaps newly drafted trust, is still relatively new and uncertainty remains. This webinar will explain why existing trusts should be reviewed to determine if improvements can be made, some of the options as to how those improvements might be achieved, but also the tax, legal and other impediments that may thwart those efforts or create unanticipated tax or other costs. For example, a trust paying income tax in a high tax state may, through decanting or other mechanisms be able to sever its ties with the high tax jurisdiction and provide annual state income tax savings to those involved. This can be a planning idea that the CPA identifies, and then works with counsel to implement. The objective of the program is to provide a multidisciplinary practical approach to this important topic highlighting practical action steps to discuss with clients as well as pitfalls to be wary of.

Speakers: Robert S. Keebler, CPA, MST, AEP (Distinguished) Martin M. Shenkman, CPA, MBA, JD, AEP (Distinguished), PFS

*This may constitute attorney advertising.

*There are no professional advancement credits (CPE, CLE, etc.) offered for viewing this webinar.