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Abstract: 

Clients that are settlors or beneficiaries of pre-existing irrevocable trust agreements can present unique opportunities. These pre-existing trusts often have problems of one kind or another. A skilled advisor can recommend solutions for fixing these problems and/or make recommendations that will enable the trust to accomplish the client’s overall estate planning objectives more effectively. This article will identify various methods for fixing problems with pre-existing trusts, including several new problem-solving tools that were added by the Uniform Trust Code, which has been enacted in 21 states. The article will also explore opportunities to reduce income and transfer taxes for certain trusts.

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Affiliations:  1: Howard & Mobley, PLLC.