Second Thoughts: Decanting an Irrevocable Trust
A popular saying on the television program Once Upon A Time was “all magic comes with its price”. This is also true for irrevocable trusts. The magic of an irrevocable trust is its ability to remove all the assets held in the trust from the estate of the grantor as well as to carry out the grantor’s wishes for how those assets will be distributed. But the price for such magic is the irrevocable nature of the trust and the notoriously difficult process to make any changes.