Trust Decanting: Recent State Law and Challenges | CLE Course

BarbriSFCourseDetails

Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
work Practice Area
Estate Planning

Date & Time

event Date
Thursday, February 13, 2020
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
90 minutes

Credit Information

This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$297.00

CLE

ALL

This CLE course will review situations where trust decanting may be appropriate. The panelists will discuss decanting statutes, the potential tax issues associated therewith, critical legal issues for trust decanting, and significant case law approving and disapproving attempts to decant.

Faculty

Philip C. Corbo

Shareholder

Orloff, Lowenbach, Stifelman & Siegel

Mr. Corbo practices in tax and estate planning for individuals, including business executives, professionals, and owners of closely-held businesses, estate and trust administration, including preparation of federal and state estate tax returns, state inheritance tax returns, and federal gift tax returns and generation-skipping transfer tax planning.

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Craig A. Ollenschleger

Shareholder

Orloff, Lowenbach, Stifelman & Siegel

Mr. Ollenschleger's experience inlcudes commercial litigation and arbitration (including disputes arising under the Uniform Commercial Code), contract actions (including real estate disputes), appellate practice, business torts (including unfair competition and restrictive covenant litigation), shareholder, partnership and limited liability membership disputes (including representation of minority members), disputes relating to acquisitions and dispositions of businesses, chancery jurisprudence (including fiduciary litigation), professional malpractice litigation, defense of class-action and consumer fraud lawsuits, land use litigation and intellectual property litigation.

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Description

Decanting of irrevocable trusts is increasingly utilized as an estate planning technique to address changes in the law applicable to the trust, changes in family circumstances, or the desire to change a trust’s administrative provisions. Achieving tax benefits may also be accomplished through decanting.

The decanting power provides a great deal of flexibility but is fraught with inherent dangers. Decanting can enable the trustee of an irrevocable trust to “re-write” the trust in certain respects, including the potential elimination of beneficial interests. With differing state laws on decanting and new state laws on the horizon, counsel must stay abreast of and understand the differences between jurisdictions and developing case law.

Listen as our panel of trust and estate law attorneys discusses decanting as a strategy for restructuring trusts and potential pitfalls in decanting (including estate, gift, and generation-skipping tax issues).