Tag Archives: New York decanting statute

Tax News & Comment — February 2013

View in PDF:  Tax News & Comment — February 2013

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New York’s Revised Decanting Statute Under EPTL §10-6.6

View Article in PDF:  New York’s Revised Decanting Statute Under EPTL §10-6-6 ESTATE PLANNING MEMORANDUM DATE:    October 10, 2012 RE:        New York’s Revised Decanting Statute Under EPTL §10-6-6 Under the Uniform Trust Code and EPTL §10-6.6, a noncharitable irrevocable … Continue reading

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Tax and Non-Tax Issues Involving Irrevocable Trusts

View Article in PDF in Tax News & Comment — October 2012 TAX AND NON-TAX ISSUES INVOLVING IRREVOCABLE TRUSTS I.    Introduction Prior to the Statute of Wills, enacted by Parliament in 1540, it was impossible for a landowner to devise … Continue reading

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Modifying or “Decanting” Irrevocable Trusts

Despite the best efforts of drafters to contemplate unforeseen circumstances, situations arise where dispositive trust provisions may not reflect the present circumstances of beneficiaries. If the trust is revocable, and the grantor is alive, the grantor may revoke or amend the trust. However, trusts are often made irrevocable for tax or asset protection purposes. In those cases, revoking the trust, while not impossible, may be extremely difficult, especially if minor beneficiaries are involved. Continue reading

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