Many people believe that once a trust becomes irrevocable, there is nothing you can do to change and fix outdated family trust provisions. That is not correct. Certain states, including Nevada, have “decanting provisions” which allow for modifications of irrevocable trusts by shifting the assets from the old trust and into a new, modernized trust. The new trust may have stronger asset protection and/or tax advantages. The process leaves the unwanted trust provisions behind, like leaving sediment behind in decanting wine. Decanting can be done quickly in Nevada, at a minimal cost. Alliance Trust Company will be co-presenting a presentation at the Gathering in San Diego at the end of the month. If you are looking at options to modify an irrevocable trust, you have a lot of options in Nevada you may not have in your home state. Nevada is considered to have some of the best and most flexible trust laws in the country and is considered one of the most favorable jurisdictions for decanting. Please call Alliance Trust Company at 775-297-4000 for more information.
