Product Description

Irrevocable trusts are a common estate planning tool for transferring wealth to future generations while reducing transfer taxes. In exchange, the grantor of an irrevocable trust must give up the ability to amend or revoke the trust. However, despite their name, irrevocable trusts can still be modified in many ways, particularly when they are no longer working as effectively as they should. This panel discusses potential reasons to modify a trust, such as fixing a scrivener’s error or ambiguity, reflecting changes in the law, or addressing unforeseen beneficiary circumstances. The speakers also review the multitude of judicial and non-judicial methods for modifying an irrevocable trust’s terms or altering important aspects of the trust’s administration, as well as drafting considerations to head off potential issues in advance.

Agenda & Materials

• 12:00 - 12:10 pm

  Reasons to Modify an Irrevocable Trust

  • Change in circumstances
  • Tax benefits
  • Administrative changes
  • Asset protection benefits

  Paul Cathcart, Jr., Esq., Hemenway & Barnes LLP , Boston
  
• 12:10 - 12:45 pm

  Drafting Flexibility into Trusts

  • Trustee powers
  • Powers of appointment
  • Trustee succession
  • Trust protector

  Aimee Fukuchi Bryant, Esq., Fiduciary Trust Company , Boston
  
• 12:45 - 1:45 pm

  Methods to Modify Irrevocable Trusts

  • Judicial proceedings
  • Non-Judicial proceedings

  Paul Cathcart, Jr., Esq., Hemenway & Barnes LLP , Boston
  Nikki Marie Sherwood, Esq., Nutter McClennen & Fish LLP , Boston
  
• 1:45 - 2:00 pm

  "Ask the Experts" Q&A Session and Key Takeaways

  Panel
  

Please Note

MCLE webcasts are delivered completely online, underscoring their convenience and appeal. There are no published print materials. All written materials are available electronically only. They are posted 24 hours prior to the program and can be accessed, downloaded, or printed from your computer.

Cochairs

Faculty

Fees

• $157.50 - MCLE Sponsor Member
• $87.50 - New Lawyer
• $87.50 - Pending Admittee
• $87.50 - Law Student
• $87.50 - Paralegal
• $175.00 - All Others

To apply for a need-based scholarship for this program, email scholarships@mcle.org.