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OnDemand Course

Decanting and Modifying Trusts

Understand relevant issues in trust decanting and learn provisions of irrevocable trusts.

In the life of an irrevocable trust, there are situations and circumstances that arise which cannot be anticipated by the settlor or the attorney drafting the irrevocable trust. This content reviews: (i) how to modify an irrevocable trust; and (ii) problems with modifying an irrevocable trust. In addition, you will learn about decanting an irrevocable trust, which is an extremely powerful tool in trust administration. This material is critical for all professionals who are involved with the administration of irrevocable trusts.

Runtime: 91 minutes
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Why Lorman?

Over 33 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

Modifying Irrevocable Trusts

  • Reasons to Modify an Irrevocable Trust
  • Taxes
  • Trustee Provisions
  • Changes to Dispositive Provisions

Examples of Irrevocable Trusts

  • How Irrevocable Trusts Can Be Modified
  • Judicial Reformation
  • Judicial or Non-Judicial Conversion
  • Judicial or Non-Judicial Modification
  • Trust Protector
  • Termination of Trusts
  • Removal of Trustee
  • Judicial Alternatives May Not Be Attractive
  • Doctrine of Cy Pres
  • Doctrine Equitable Deviation
  • Claflin Doctrine

Decanting

  • What Is Decanting?
  • Brief History of Decanting
  • State Decanting Statutes
  • Reasons to Consider Decanting
  • Differences in Decanting Statutes
  • How to Decant an Irrevocable Trust
  • Who Can Decant an Irrevocable Trust
  • Threshold Requirements
  • Original Trust
  • Discretionary Distributions
  • Trustee Cannot Be Beneficiary
  • Recipient Trust
    • Document to Effectuate Decanting
    • Restrictions on Recipient Trust
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Why Lorman?

Over 33 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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on July 31, 2018.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 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 33 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

Jack S. Johal

Jack S. Johal

The Law Offices of Jack S. Johal

  • Principal of The Law Offices of Jack S. Johal
  • Focuses in the areas of business tax, real estate, estate planning, probate and trust administration
  • Handles the organization, taxation and documentation of the formation, restructuring and dissolution of corporations, partnerships and limited liability companies
  • Has restructured hundreds of business entities, including advising clients with regard to the tax consequences, including without limitation, income tax, estate and gift tax, and property tax consequences
  • Member of the State and Local Tax Committee; chairperson, Legislative Committee, State and Local Tax Committee, vice chair and chair, State Bar Partnership Committee; chairperson, Property Tax Subcommittee, State and Local Tax Committee; American Bar Association Committee on trusts and probate; Sacramento County Bar Association probate and real property sections; and Monterey County Bar Association
  • Received the Five Star Wealth Manager award, 2010-2013, and has achieved the highest rating in the Martindale-Hubbell Law Directory
  • Worked on the development of California's Limited Liability Company Act, the Uniform Partnership Act of 1994 and the California Uniform Limited Partnership Act of 2008
  • Co-wrote the lead article on limited liability companies in the October and December 1994 issues of the California Business Law Reporter
  • Co-wrote the tax chapter of the continuing education of the bar's publication entitled Forming and Operating California Limited Liability Companies
  • LL.M. degree in taxation, New York University School of Law; J.D. degree, Duquesne University School of Law; B.A. degree, Occidental College
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Why Lorman?

Over 33 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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Product ID: 400734
Published 2018
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