Perhaps you are a beneficiary of a family trust or perhaps multiple trusts. You get a phone call from the Palm Beach Trusteewho says that your recently deceased uncle has exercised a power of appointment over yourgrandmother’s trust. You know nothing about this, but the trustee gets your attention when she tells you there is $20 Million in the trust. She also talks to you about decanting family trusts. You don’t know what the heck that means.
Do you really need to know about decanting Florida trusts?
- What is decanting?
- Are we talking about wine and letting good red wine breathe?
- You call a trust lawyer Palm Beach Gardens and you learn that
- Decanting is a trust concept which is widely known among trust and estate attorneys but not so well known among trustees or trust beneficiaries
What is decanting Florida trusts all about?
- What does it mean to decant a Florida trust and what is trust decanting?
- Decanting is a process of “pouring” one trust’s assets into another trust.
- The new trust or the recipient trust might be a brand new trust.
- So here are some tips on decanting Florida trusts:
- Check out the Florida Trust Code and the decanting statute
- Read Florida Trust Cases on the concept of decanting trusts
- Finally, talk to a tax person because if you don’t decant correctly, it can cause or be a taxable event
- (One last point: do you know the difference between MERGING trusts anddecanting?)
Here is the Florida trust link to the free online video on decanting Florida trusts: http://www.youtube.com/watch?v=VMx0gnAT8-0&feature=youtu.be