Many people have created lifetime irrevocable trusts to get estate tax advantages.
The assets in these trusts pass upon death free of estate taxes. But to get the advantage the person has to give up control. Thus, the trust is irrevocable.
But what if circumstances change and the person now wants to make changes — replace the trustee, change the location of the trust or change some of the provisions?
Now, says a story in the natlawreview.com, a number of states now allow irrevocable trusts to be amended – without court involvement.
But the changes may end the advantages that were gained by setting up the trust in the first place. The devil, says the story, is in the details.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
