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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.

Runtime: 56 minutes
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Over 31 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

A Discussion of the Problem

  • Irrevocable Trusts and the Basics About Decanting
  • The Problems With Irrevocable Trusts and How Decanting Helps Solve Those Issues
  • Real-Life Examples

Traditional Solutions: Reformation, Modification, and Construction

  • Discussion of Other Alternatives, Including Splitting up a Trust Into Multiple Trusts, Modification, and Premature Termination
  • The Grantor's Intent and How the Claflin Doctrine and Equitable Deviation Impact an Irrevocable Trust

Decanting: Perhaps the Best Solution

  • New York Enacted the Nation's First Decanting Statute in 1992 (EPTL10-6.6)
  • The Legislative Intent and How the IRS Impacted the Statute
  • What Are the Trends Saying?

New York's Current Decanting Statute- EPTL 10-6.6

  • Rules Applicable When Trustees Have Unlimited Discretion
  • Rules Applicable When Trustees Do Not Have Unlimited Discretion
  • Select Rules That Are Applicable Regardless of Trustee Discretion

Tax Consequences of Decanting

  • EPTL Tax Implications
  • Implications and Recommendations: Income Tax, Estate and Gift Tax, and GSTT Tax
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Why Lorman?

Over 31 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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OnDemand Webinar

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 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

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 Associationís 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, NYSBAís 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. Johnís 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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Product ID: 399017
Published 2016
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