LexisNexis® Legal Newsroom
Decanting New York Trusts: EPTL 10-6.6 Significantly Revised

New York's decanting statute, EPTL 10-6.6 , was significantly amended by the 2011 Legislative Session. As a result, the trustee of a New York irrevocable trust has a much greater opportunity to decant assets from an existing trust to another trust. In this Analysis, Linda Hirschson, chair of Greenberg...

Williams Mullen: Gift and Creditor Protection Planning with Virginia’s New Self-Settled Spendthrift Trust Statute

BY: FARHAD AGHDAMI & JEFFREY D. CHADWICK On April 4, 2012, Governor McDonnell signed Senate Bill 11 into law, which permits the creation of "self-settled spendthrift trusts" in Virginia. A self-settled spendthrift trust is an irrevocable trust in which the grantor retains a beneficial...

Troutman Sanders LLP: Virginia Trust Law to Help Protect Assets from Creditors While Still Enjoying the Assets Takes Effect on July 1, 2012

By David N. Anthony , Melissa Roberts Tannery and Tania S. Sebastian Beginning July 1, 2012, Virginia will allow its residents to create qualified self-settled spendthrift trusts and achieve some protection from creditors. Va. Code Ann. §§ 55-545.03:02 and 55-545.03:03 . Under current Virginia...

Troutman Sanders LLP: New Virginia Law Authorizes Trust Decanting, Allowing A Trustee To Change Some Provisions of An Irrevocable Trust

By Carol F. Burger , Molly F. James , Melissa Roberts Tannery and Tania S. Sebastian Effective July 1, 2012, Virginia has a new law which permits the trustee to change some provisions of an irrevocable trust by appointing or decanting income and/or principal of a trust to another trust, under certain...

Amendment of Trust by Grantor’s Attorney-in-Fact

An irrevocable and unamendable trust can be revoked or amended during the life of the grantor under certain limited circumstances. New York's Estate Powers and Trust Law (EPTL) provides in Section 7-1.9 that upon the written acknowledged consents of all persons beneficially interested in a trust...