Sample Decanted Trust Format
Description
How to fill out College Education Trust Agreement?
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FAQ
For example, if an irrevocable trust does not have sufficient cash to make a capital call or to meet other obligations, another irrevocable trust may partially decant cash assets to the trust to provide required liquidity.
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.
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.
A trust can be decanted in two ways: By creating a new trust with new terms and distributing the assets of the old trust to the new trust. By distributing the assets of the old trust to a pre-existing trust with more favorable terms.
Potential risks and drawbacks of trust decanting include challenges in obtaining beneficiary consent, unforeseen tax consequences, conflicts of interest between beneficiaries and trustees, and legal disputes or challenges to the decanting process.