Though a trust might be an Irrevocable Trust, the facts and circumstances might allow for modification. A Trust Reformation refers to the process of making a change to an Irrevocable Trust.
Irrevocable Trusts are excellent planning tools providing protection from taxes, creditors, and greedy son-in-laws. But, even the best planned Trust might run into unpredicted problems. Tax laws change, grandchildren move to unexpected locations, and the financial world evolves. Over time, making changes to an Irrevocable Trust might benefit the then-living beneficiaries.
Traditionally, making changes to an Irrevocable Trust was nearly impossible. But, the trend has been to make these changes easier. A Trust Reformation might require a court’s approval, but many states have adopted rules that allow certain Trust Reformations without court approval.
The rules surrounding Trust Reformation are evolving and changing if you have an Irrevocable Trust that would benefit from a change, bring it to us for a review. The change might be easier than you think.
If you have any questions about Trust Reformation or any other estate planning topics, feel free to contact us to schedule a free consultation. For more than two decades Klenk Law has focused only on Estate Law. We’ve seen it all, and this experience allows us to explain complex estate planning techniques clearly and concisely. We make it easy for you to understand estate planning so you can make the best decisions for yourself and your family.
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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Flora Novick
AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
Very knowledgeable! Peter Klenk always has a thorough answer, and the associates have more experience than you'll find at most firms. They really only do estate work.
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.
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