10 reasons to consider decanting an irrevocable trust
1. Extending the trust’s term.
Mr. Oshins estimates that 95% of existing trusts are set up to make mandatory distributions to the beneficiaries at staggered ages. This is problematic because the assets could be exposed to unnecessary estate taxes, as well as creditors and divorcing spouses. Instead, move the principal to a new trust that’s drafted as a dynasty trust, which can last for multiple generations. While some states have abolished perpetuity laws, others permit trusts to last for hundreds of years (360 years in Florida).
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