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Strategies for Fixing Dysfunctional Trusts

Reasons, methods and drafting tips for modifying irrevocable trusts

  • Product Number: 2240194RB1
  • CLE Credits, earn up to:
    2 substantive credits, 0 ethics credits CLE Credit Note
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  • Product Description
  • Agenda & Materials
  • Faculty
  • Pricing
  • Product Description

    Product Description

    Irrevocable trusts are a common estate planning tool for transferring wealth to future generations while reducing transfer taxes. In exchange, the grantor of an irrevocable trust must give up the ability to amend or revoke the trust. However, despite their name, irrevocable trusts can still be modified in many ways, particularly when they are no longer working as effectively as they should. This panel discusses potential reasons to modify a trust, such as fixing a scrivener’s error or ambiguity, reflecting changes in the law, or addressing unforeseen beneficiary circumstances. The speakers also review the multitude of judicial and non-judicial methods for modifying an irrevocable trust’s terms or altering important aspects of the trust’s administration, as well as drafting considerations to head off potential issues in advance.

  • Agenda

    Agenda & Materials

    • Reasons to Modify an Irrevocable Trust

      – Change in circumstances
      – Tax benefits
      – Administrative changes
      – Asset protection benefits

    • Drafting Flexibility into Trusts

      – Trustee powers
      – Powers of appointment
      – Trustee succession
      – Trust protector

    • Methods to Modify Irrevocable Trusts

      – Judicial proceedings
      – Non-Judicial proceedings

    Please Note

    MCLE webcasts are delivered completely online, underscoring their convenience and appeal. There are no published print materials. All written materials are available electronically only. They are posted 24 hours prior to the program and can be accessed, downloaded, or printed from your computer.

  • Faculty

    Cochairs

    Aimee Fukuchi Bryant, Esq., Fiduciary Trust Company, Boston
    Nikki Marie Sherwood, Esq., Nutter McClennen & Fish LLP, Boston

    Faculty

    Paul Cathcart, Jr., Esq., Hemenway & Barnes LLP, Boston
  • Pricing

    Fees

    • $157.50 - MCLE Sponsor Member
    • $87.50 - New Lawyer
    • $87.50 - Pending Admittee
    • $87.50 - Law Student
    • $87.50 - Paralegal
    • $175.00 - All Others
    To apply for a need-based scholarship for this program, email scholarships@mcle.org.

    Available FREE with an MCLE OnlinePass® subscription.

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