Saturday, April 19, 2014
Dennis Delaney (Hemenway & Barnes) recently published an article entitled, The State of Your Trust: Where Should a Trust Be Sited?, (Feb. 18, 2014). Provided below are the trust planning pain points from Reuters:
- Tax law: state income tax on trusts vary from region to region. Some consider the location of the beneficiary and some the trustee, making for a confusing patchwork of statutes.
- Decanting: even if a trust is irrevocable, changes may be made through “decanting,” the process of distributing assets from an old trust into a new one with different provisions.
- Quiet trusts: a relatively new vehicle that lets grantors decide when they will tell beneficiaries about a trust.
See Steven Maimes, Location of Trusts A Critical Factor in Trust and Estate Planning, Reuters, Feb. 18, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.