Sample Decanted Trust For Historic Preservation
Description
How to fill out College Education Trust Agreement?
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FAQ
The Uniform Trust Decanting Act allows you to change the terms of an irrevocable trust by ?pouring? trust assets from an old trust instrument to a new trust. This allows you to leave behind unwanted restrictions and provisions, just as you leave behind unwanted sediment when you decant a bottle of wine.
Trust decanting may allow the trustee to move the trust to another state with more favorable laws, allowing them to protect the trust assets for the beneficiaries.
Reasons to Decant a Trust Here are a few examples of when decanting a trust could make sense. Protection from creditors: When a trust mandates that distributions must be made to beneficiaries at specific ages, creditors may have access to funds. Additionally, beneficiaries might have to pay estate taxes.
Similar to wine decanting, trust decanting is a method by which a trustee may remove or modify trust provisions from an irrevocable trust by pouring ? or distributing ? the trust assets from an old trust into a new trust.
Tax Considerations In most instances, it is believed that decanting is not a taxable event either for income tax or estate, gift and generations skipping tax purposes.