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Increased Utility under New York’s Decanting Statute

By: David R. Schoenhaar, Esq. * Governor Cuomo signed a bill effective August 17, 2011 that significantly expands the utility of New York's decanting statute. Decanting, which was originally codified under EPTL 10-6.6 in 1992, authorizes the trustee of an irrevocable trust to appoint trust property...

Williams Mullen: Virginia Enacts Trust Decanting Statute

BY: FARHAD AGHDAMI & JEFFREY D. CHADWICK On April 4, 2012, Governor McDonnell signed Senate Bill 110 into law, which allows trustees to exercise the power to distribute trust income or principal to or for the benefit of a beneficiary by distributing the assets to a new trust. The act of distributing...

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...