Understand relevant issues in trust decanting and learn provisions of irrevocable trusts.
As circumstances, laws, and goals change over time, it can become necessary to modify an irrevocable trust. Estate planners and trustees can utilize various options to modify irrevocable trusts, including decanting, non-judicial settlement agreements, trustee modifications, and probate court modifications. This presentation will review and explain how and when to modify irrevocable trusts, the advantages and disadvantages, and the typical circumstances under which irrevocable trusts are modified.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Why Clients Establish Irrevocable Trusts?
- Common Reasons for Modification
- Options for Fixing Broken Trusts
Non-Judicial Settlement Agreements
- Material Purpose
- Interested Parties
- Virtual Representation
Decanting
- Statutory and Trust Agreement Authority
- Grantor Intent and Limitations
- Tax Issues
Trustee Modification
- Statutory Authority-Scope of Administrative Powers
- Grantor Intent/Material Purpose and Limitations
Probate Proceedings
- Petition for Modification Generally
- Involvement of Interested Parties
- Bosch Cases-in Massachusetts
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on February 7, 2023.
Call 1-866-352-9540 for further credit information.
- CFP 1.0
- The Certified Financial Planner Board of Standards, Inc. has granted 1.0 hours of continuing education credit. Level of Knowledge: Intermediate.
- AK CLE 1.0
- Alaska attorneys may receive 1.0 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
- AL CLE 1.1
- This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.1 hours credit.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- HI CLE 1.0
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- ND CLE 1.0
- North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.0 hours of CLE credit.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
- WA CLE 1.0
- This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Christina Krakoff
Mclane Middleton
Christina L. Krakoff
- Associate, Trust & Estates department
- Advises clients in a variety of areas including estate planning, asset protection, estate, gift, income and generation-skipping tax planning, and trust and estate administration
- Best Lawyers in America: Ones to Watch (Trusts and Estates)
- Author of ‘Probate: New Hampshire’, ‘Ancillary Administration in New Hampshire’, and ‘Revocable Trusts: New Hampshire,’ Thomson Reuters’ Practical Law
- J.D. degree, University of Pittsburgh School of Law; B.A. degree in psychology with a minor in Russian and post-Soviet studies, The College of William and Mary
- Can be contacted at [email protected]
Caitlin McCurdy
Mclane Middleton
Caitlin G. McCurdy
- Director, Trusts & Estates department
- Represents clients in a variety of areas including estate planning, tax planning, and trust and estate administration
- Works with clients to implement sophisticated tax strategies, including asset protection and wealth preservation plans for individuals, families, and business owners
- New England Super Lawyers Rising Star (Estate & Probate); Best Lawyers in America: Trusts and Estates
- Author, ‘Probate: New Hampshire,’ Thomson Reuters’ Practical Law
- J.D. degree, Wake Forest University School of Law; LL.M. degree in taxation with an estate planning concentration, Boston University; B.A. degree in classics with a minor in art history, Washington and Lee University
- Can be contacted at [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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