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Decanting
Wednesday, August 21, 2019
It’s counterintuitive, we know: irrevocable trusts are revocable (and amendable). Unfortunately, irrevocability is a malicious myth. The uninformed could spend years relying on an old, out-of-date trust that could be updated and improved without too much effort. Yes, the so-called “irrevocable trusts” absolutely can be, and, often, should be, modified. In this issue, we’ll identify: - 10 reasons you may want to modify your irrevocable trust
- 5 ways to modify your irrevocable trust
- 3 circumstances when trust modification should be considered
- When to contact our office to have your trust reviewed for potential modification
Read more . . .
Monday, August 19, 2019
Estate planning has truly evolved over the past 20 years. Gone is the uncertainty about federal estate taxes and the absolute requirement for married couples to use complex trusts to minimize these taxes. But also gone is planning for the “traditional” family. Read more . . .
Friday, August 9, 2019
Your estate plan undoubtedly includes trusts that will continue for the benefit of your spouse’s lifetime and then for the benefit of several generations of your family. Implementing and maintaining trusts that will cover the administration, investment, and distribution of trust property over the span of multiple decades is challenging and generally requires you to have flexibility in your trust agreements. In this issue you will learn five ways that flexibility can be incorporated into your trust agreement. - Carefully select your trustees.
- Define your trust beneficiaries.
Read more . . .
Tuesday, March 28, 2017
We all need a “do over” from time to time. Life changes, the law changes, and professionals learn to do things in better ways. Change is a fact of life - and the law. Unfortunately, many folks think they’re stuck with an irrevocable trust. After all, if the trust can be revoked, why call it “irrevocable”? Good question. Read more . . .
Monday, March 13, 2017
When a bottle of wine is decanted, it’s poured from one container into another. When a trust is decanted, trust assets are poured from an old trust into a new trust with more favorable terms. Why Should a Trust Be Decanted? Trusts are decanted to escape from a bad trust and provide beneficiaries with more favorable trust provisions and benefits. Here are 5 strong reasons to decant your trust: 1. To clarify ambiguities or drafting errors in the trust agreement. Read more . . .
Friday, March 3, 2017
While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you’re the beneficiary of trust created by your great grandfather over seventy years ago that no longer makes sense. Or maybe you created an irrevocable trust over twenty years ago that no longer makes sense. Is there any way to fix an irrevocable trust that has turned from a fine wine into vinegar? You may be surprised to learn that under certain circumstances the answer is yes, by “decanting” the old broken trust into a brand new one. What Does It Mean to “Decant” a Trust? Wine lovers know that the term “decant” means to pour wine from one container into another in order to open up the aromas and flavors of the wine. Read more . . .
Thursday, March 2, 2017
While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you’re the beneficiary of trust created by your great grandfather over seventy years ago and that trust no longer makes sense. Or, maybe you created an irrevocable trust over twenty years ago and it no longer makes sense. Wine connoisseurs may ask: Is there any way to fix an irrevocable trust that has turned from a fine wine into vinegar? You may be surprised to learn that under certain circumstances the answer is yes, by “decanting” the old broken trust into a brand new one. What Does It Mean to “Decant” a Trust? Wine lovers know that the term “decant” means to pour wine from one container into another to open up the aromas and flavors of the wine. Read more . . .
Monday, February 13, 2017
Today many estate plans contain irrevocable trusts that will continue for the benefit of a spouse’s lifetime and then for the benefit of several generations. Since these trusts are designed to span multiple decades, it is important that they include trust decanting provisions to address changes in circumstances, beneficiaries, and governing laws. What is Trust Decanting? When a bottle of wine is decanted, it is poured from one container into another. When a trust is “decanted,” the funds from an existing trust are removed and distributed into a new trust that has different and more favorable terms. When Should a Trust Be Decanted? Provisions for trust decanting should be included in trusts that are intended to last decades into the future. Read more . . .
Nennig Law Offices, LLC assists clients in Madison, WI and throughout Southern Wisconsin including Verona, Middleton, Sun Prairie, Cross Plains,Sauk City, Belleville, Waunakee, Mount Horeb, Oregon, Black Earth, DeForest,Monona, McFarland, Stoughton, Cambridge, Deerfield and Fitchburg.
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