Many people are beneficiaries of family trusts that have antiquated terms and provisions that no longer make sense. Yet many people also believe that they are “stuck” with the terms of the trust and that they simply have to live with the terms regardless of moving forward. This is not true. Certain states, including Nevada, allow for modifications to be made to even an irrevocable trust. Modifications can be made to extend the term of the trust, change the situs of the trust, and add or modify powers of appointment. As this recent Forbes magazine article points out, you might even save taxes for the trust as part of this process. Nevada is considered to have some of the best trust laws in the country and has very flexible statutes for modifying trusts. For more information, call Alliance at 775-297-4000.
