Techniques for Fixing Broken Irrevocable Trusts
While the term “irrevocable trust” suggests that such a trust cannot be amended or modified, certain unforeseen events or changes in the law which arise during the administration of an irrevocable trust may necessitate modifications. This presentation will address reasons for which an irrevocable trust may need to be modified and the methods for implementing such modifications. Additionally, it will explore the statutes and common law rules governing trust modifications in popular jurisdictions in the U.S. and address the tax implications thereof. Lastly, it will examine practical strategies to build flexibility into a trust instrument to augment the ability either to modify an irrevocable trust on a later date or otherwise to address the inevitable challenges.
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