Thursday, July 19, 2012
Joseph T. La Ferlita (Attorney, New York) has recently published an article entitled, New York’s Newly Amended Decanting Statute, 34 Prob. & Prop. July/August 2012. The introduction to his article is provided below:
The last couple of years have seen a flurry of activity on the trust decanting front. Since 2010, at least three states have enacted decanting statutes for the first time and at least three states have amended their already-existing decanting statutes. At least five states have trust decanting legislation that has been, or may soon be, introduced in the legislative branch. Apparently, many states have taken notice of the potential utility – and business development opportunities – offered by flexible trust decanting statutes. Perhaps most indicative of the trend in this area is New York’s recently amended statute.
This article will highlight some of these recent developments but will place particular emphasis on recent changes to the New York statute, which was the nation’s first and, now, is among the nation’s most progressive decanting statutes.