Learn how trust grantors can modify or terminate irrevocable trusts through decanting or beneficiary agreements.
Frequently grantors created irrevocable trusts many years ago under a certain set of assumptions, circumstances and tax law environment. In the interim, assumptions are different, beneficiary circumstances vary, tax laws change and occasionally a grantor can have a change of heart. In such cases, is there anything a trust grantor can do to address the fact that irrevocable trusts are not subject to change? This course will address two methods by which an irrevocable trust can be modified or even terminated, namely trust decanting and trust termination by agreement of all the parties. We will discuss various types of decanting statutory common law and pursuant to the terms of the trust. We will also enumerate the various circumstances under which decanting can take place. Secondly, the course will address termination of the trust by the grantor with the consent of all beneficiaries and examine the tax consequences and benefits of such a decision through an actual case study.
Agenda
Faculty
Charles Bryan Baron, Esq.
McLaughlin & Stern, LLP
- Partner, McLaughlin & Stern LLP, New York, NY
- Trusts, estates, and taxation practice
- Named expert in the law of New York Private Trusts, 2004
- Author of ‘Self Dealing Trustees and the Exoneration Clause: Can Trustees Ever Profit from Transactions with Trust Property,’ 72 St. John’s Law Review 43 (1998) and ‘The International Legal Status of Jerusalem,’ 8 Touro International Law Review 1 (1998)
- Translator-interpreter at the John Demjanjuk war crimes trial in Israel
- Member of the New York Bar, Israel Bar, United States District Court for the Southern District of New York, United States District Court for the Eastern District of New York, United States Tax Court, and the United States Supreme Court
- B.A. Degree in international relations, magna cum laude, University of Pennsylvania; LL.B. Degree, Bar Ilan University Faculty of Law; LL.M. Degree, summa cum laude, Touro University Law Center
- Can be contacted at [email protected]
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