By Alberthe Bernier, Esq., Littman Krooks LLP<\/p>\n
In the past, making alterations to irrevocable trusts was an expensive and public process that was generally done through the courts. \u00a0In 1992, New York was the first state to enact a decanting statute.\u00a0 In 2011, this statute was amended, making it easier to alter irrevocable trusts.<\/p>\n
Trust decanting is a powerful tool which allows trustees to shift assets from one trust to a new trust. The ability to decant a trust empowers a trustee to extend the term of a trust or push back the age at which a trust beneficiary will have a right to the trust funds, create tax advantages, correct drafting errors, remove trust beneficiaries, and consolidate two or more trusts or create separate trusts.<\/p>\n
Decanting is especially helpful in situations where the irrevocable trust has not been updated in response to changes in the law or in a family\u2019s circumstances.\u00a0 If a (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" By Alberthe Bernier, Esq., Littman Krooks LLP In the past, making alterations to irrevocable trusts was an expensive and public process that was generally done through the courts. \u00a0In 1992, New York was the first state to enact a decanting…<\/span><\/p>\n