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Amending an Irrevocable Trust: The Dos and Don'ts of Decanting

Decanting Trusts Trust Modification, Irrevocable Trust, IRT, Estate Planning, Tax Planning,

By Whitney L. Sorrell, JD, CPA, MBA | Contributing Guest Writer, Sorrell Law Firm, PLC

Decanting is an increasingly popular way to add flexibility to irrevocable trusts (IRT). It's also a great opportunity for planners to add value for clients and increase firm revenues. But, there are some dos and don'ts you should be aware of when decanting an IRT, including

Proper mechanicsTax pitfallsA trustee’s fiduciary duties.

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