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https://trustprovident.com/how-to-unlock-an-irrevocable-trust-for-maxi...
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https://trustprovident.com/how-to-unlock-an-irrevocable-trust-for-maxi...
Does the trust agreement give a trust protector or independent trustee the pow er to amend the
trust agreement? Some trusts provide f or this, w hile many others do not. And if a party does have
the pow er to amend the trust agreement, there are of ten restrictions w ithin the applicable
provisions that w ould preclude amending the trust agreement f or certain purposes. This of ten is a
result of the trust draf tsman trying to provide f lexibility w ithin the document, but yet not give the
trust protector or independent trustee so much pow er that items that the settlor w ould not have
w anted to be changed can be changed.
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https://trustprovident.com/how-to-unlock-an-irrevocable-trust-for-maxi...
trust to a diff erent jurisdiction. If so, then its simple to f ind a more f avorable jurisdiction, name a
trustee or co-trustee in the new jurisdiction, and then move the trust. Af ter moving the trust, the
trustee can decant the trust and make modif ications that may be desired.
Decanting a trust can solve most problems. This area of the law is still undeveloped and many
advisors have not yet utilized it. How ever, there are signif icant opportunities f or an advisor to
become f amiliar w ith decanting in order to be able to explore more f lexibility f or their clients w ho
could use decanting, but might not have been introduced to it.
If the original trust does not allow the trustee to move the trust to another jurisdiction, then the
trustee w ill need to check local law to see w hat the def ault law is if the trust is silent. One option if
local def ault law s do not help is to have a local attorney petition the court to obtain approval to
move the trust to a diff erent jurisdiction. Af ter obtaining court approval, the trust can be moved to
the new jurisdiction w here it can then be decanted.
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https://trustprovident.com/how-to-unlock-an-irrevocable-trust-for-maxi...
w ith the planning versus doing no planning as a result of the w hat if I need it back?
concern. The leading Domestic Asset Protection Trust jurisdictions seem to be Nevada,
South Dakota, Ohio, Tennessee and Alaska as ranked by the most recent Domestic
Asset Protection Trust State Rankings Chart at http://w w w .oshins.com/images
/DAPT_Rankings.pdf .
3. Also consider domiciling the irrevocable trust in one of the leading Dynasty Trust
jurisdictions. A Dynasty Trust is an irrevocable trust that continues f or as long as
applicable state law allow s. This provides f or estate tax savings and creditor
protection f or multiple generations. The leading Dynasty Trust jurisdictions seem to be
South Dakota, Alaska, Nevada, Tennessee and Ohio as ranked by the most recent
Dynasty Trust State Rankings Chart at http://w w w .oshins.com/images
/Dynasty_Trust_Rankings.pdf .
Steven J. Oshins, Esq., AEP (Distinguished) is an attorney at the Law Off ices of Oshins &
Associates, LLC in Las Vegas, Nevada, w ith clients throughout the United States. He is listed in
The Best Law yers in America. He w as inducted into the NAEPC Estate Planning Hall of Fame in
2011 and w as named one of the 24 Elite Estate Planning Attorneys in America by the Trust
Advisor. He has authored many of the most valuable estate planning and asset protection law s
that have been enacted in Nevada. He can be reached at 702-341-6000, ext. 2, at
soshins@oshins.com or at his f irms w ebsite, w w w .oshins.com.
Neil Schoenblum, JD, LLM, is a Senior Trust Off icer at Provident Trust Group in Las Vegas, Nevada.
At Provident, he is principally responsible f or overseeing f iduciary administration, w ith a f ocus on
personal trust relationships and client service. Neil is a graduate of Northw estern University,
Cornell Law School, and the LL.M. in Estate Planning Program at the University of Miami. He can be
reached at 702-788-9918, at neil@trustprovident.com, or at Providents w ebsite,
w w w .trustprovident.com.
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