FYI: Irrevocable trusts appear, by definition, to be unchangeable and inflexible. But are they?
As high-net-worth individuals consider strategies for taking advantage of the higher estate-tax exclusion under the new tax law, many balk at locking in terms without knowing the future needs and goals of beneficiaries.
But estate planners say irrevocable trusts aren’t as irrevocable as their name implies. For both new and existing trusts, there are ways to build in the flexibility to make changes to a grantor’s wishes if terms are no longer appropriate or desirable for beneficiaries.
Regards,
Ted
https://www.barrons.com/articles/are-irrevocable-trusts-true-to-their-name-51560880800?mod=djem_b_Weekly barrons_daily_newsletter
