Imagine your estate plan is created and ready to go. You are protecting your home,…
So, You are unhappy with your trust. Perhaps, your trustee is not doing what you want them to do. You have changed your mind about who should inherit your trust assets. But you are thinking the Trust is Irrevocable so how can it be changed?
The good news is that there are options- depending upon the state you live in. Some States like New York allow you to amend the trust if you can meet certain requirements. In the alternative, the Trustee may be able to transfer your trust assets to a new Trust by utilizing a decanting statute in your state.
Sometimes, the problem can be dealt with by distributing all of the trust assets to the beneficiary who can then place these assets into a new Trust. Another option is for the new trust to purchase the assets from the old trust.
Whenever one of these options is being utilized, it is very important to understand whether you primary objective in changing the trust will be met.
You may be able to amend your trust or transfer the trust assets to a new Trust.
In today’s world, nothing is irrevocable except death. So, you do not have to be unhappy with the trust that you have. See an experienced estate planner who can provide a solution to your problem.
If you would like more information on Fixing a Broken Trust, join us for our FREE educational seminars or webinar. See the schedule below.
TUESDAY, MARCH 11, 10:00AM
Vincent J. Russo & Associates, P.C. : Islandia Office
3740 Express Drive South, Islandia, NY 11749
WEDNESDAY, MARCH 12, 10:00AM
Vincent J. Russo & Associates, P.C. : Lobby Conference Room
1600 Stewart Ave., Westbury, NY 11590
THURSDAY, MARCH 13, 10:00AM
Vincent J. Russo & Associates, P.C. Lido Beach Office
250 Lido Blvd., Lido Beach, NY 11561
WEDNESDAY, MARCH 19, 2014, 7:00PM
Location: Your computer, tablet or smartphone
If you have questions, please do not hesitate to contact us!