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 trust meets certain criteria, decanting can (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 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,…<\/span><\/p>\n