What is “decanting” a trust? Do I need a tax attorney when decanting an irrevocable trust in West Palm Beach?
All too often people here irrevocable trust and they think things are set in stone. After reading this blog though you will not be one of them. You may have heard your West Palm Beach probate attorney discussing the idea of decanting a family trust. Do you know what that means?
What is Decanting a Trust?
- Decanting here has nothing to do with a good bottle of red wine, although once you are done you may have the money for a nice glass.
- Decanting is a trust concept that is used widely by West Palm Beach trust litigators as well as many others.
- Decanting is hard to visualize but picture a Probate litigator pouring the contents of one trust into a new or different trust like a wine connoisseur does with a nice bottle of wine.
- When is decanting a trust a good idea?
- Has a family trust attorney talked to you about decanting a West Palm Beach family trust?
- What do you have to consider?
Considerations Around Decanting
- Keep in mind that you may be talking about moving funds into a new or different trust, which can spell a host of issues for the beneficiaries.
- Experienced Palm Beach probate litigators know the questions to ask when one family member wants to decant.
- Do you know why another family member wants to decant a West Palm Beach Trust?
Why do I need a Tax Attorney?
- Many residents of West Palm Beach have dealt with trust and tax attorneys to keep theirestate and tax plan in line.
- The importance of good tax planning in West Palm Beach cannot be understated for sure.
- Do you know why you may need to talk to a tax attorney in West Palm Beach before you decant the family trust?
- Decanting could put those funds somewhere the government does not want them and this could trigger a taxable event.
- That means excess taxes for you and other loved ones in Delray Beach.
Do you want to decant a trust in Palm Beach Gardens?
Are you concerned about triggering a taxable event?