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Decanting and Modifying Irrevocable Trusts and New York's Decanting Statute

 
Modifying and decanting irrevocable trusts: how New York’s decanting statutes reflect a nationwide trend.Irrevocable trusts usually cannot be modified by their terms. What can be done when such a trust, which may have been drafted many years ago, no longer suits the current situation? New York, the situs of many older irrevocable trusts, has certain prescribed common law and statutory mechanisms for modifying an irrevocable trust. Unfortunately, these mechanisms sometimes are difficult to utilize. In many such situations, trust decanting may be a prudent alternative to consider. New York, which enacted the nation’s first decanting statute a number of years ago, has modified and greatly liberalized its decanting statute. New York’s revisions to its decanting statute reflects a nation-wide trend towards enactment and liberalization decanting statutes. This topic will help professionals in and out of NY who deal with irrevocable New York trusts understand the traditional common law and statutory means of modifying trusts, the limitations of such traditional means, and how trust decanting might offer a preferable solution. It will also touch on the various tax implications of decanting.

Faculty

Joseph T. La Ferlita

Joseph T. La Ferlita

Farrell Fritz, P.C.

Agenda

Faculty

Joseph T. La Ferlita

Joseph T. La Ferlita

Farrell Fritz, P.C.

  • Partner in the office of Farrell Fritz, P.C.
  • Practice emphasizes all aspects of trusts and estates; tax
  • Conducts regular seminars and workshops on numerous trusts and estates issues, including decanting and tax implications in estate planning
  • Author of several publications related to decanting in the NYSBA Trust and Estates Law Section Newsletter, the American Bar Association’s Property and Probate, and the Suffolk Lawyer
  • New York State Bar Association, Suffolk County Bar Association, American Bar Association; current member of the NYSBA Estate & Trust Administration Committee; former NYSBA District representative for Long Island; former chairman, NYSBA’s Surrogate Court Committee; speaker at NYSBA Annual Meeting of Trusts & Estates Section in Arizona (2016); wrote Proposed Statutory Amendment to SCPA 2211 that was ultimately signed into law by the governor
  • J.D. degree, St. John’s University School of Law; LL.M degree, New York University School of Law; B.S degree, Fairfield University; M.A. degree, Boston College
  • Can be contacted at [email protected] or (516) 227-0714

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