{"id":3503,"date":"2017-01-26T11:17:40","date_gmt":"2017-01-26T19:17:40","guid":{"rendered":"http:\/\/ssslegalconsultancy.com\/?p=3503"},"modified":"2017-01-12T18:33:54","modified_gmt":"2017-01-13T02:33:54","slug":"5-ways-modernize-estate-planning-using-flexible-trusts-part-2","status":"publish","type":"post","link":"https:\/\/ssslegalconsultancy.com\/5-ways-modernize-estate-planning-using-flexible-trusts-part-2\/","title":{"rendered":"5 Ways to Modernize Your Estate Planning Using Flexible Trusts – Part 2"},"content":{"rendered":"

\"Stack<\/a><\/p>\n

Your estate plan undoubtedly includes trusts that will continue for the benefit of your spouse\u2019s lifetime and then for the benefit of several generations of your family.\u00a0 Implementing and maintaining trusts that will cover the administration, investment, and distribution of trust property over the span of multiple decades is challenging and generally requires you to have flexibility in your trust agreements.\u00a0 In this issue you will learn five ways that flexibility can be incorporated into your trust agreement.<\/em><\/p>\n

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  1. Powers of Appointment Can Add or Eliminate Beneficiaries<\/b><\/li>\n<\/ol>\n

    If you are concerned about how your children, grandchildren, or even great grandchildren will eventually grow up, you can build flexibility into a dynasty trust by giving your spouse or other beneficiaries the ability to include or exclude heirs through the use of powers of appointment.\u00a0 A power of appointment is also important if a trust is designed as a dynasty trust but the beneficiary fails to have children, and it can also be used to include or exclude charitable beneficiaries.<\/p>\n

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    Planning Tip:<\/i><\/b>\u00a0 Powers of appointment at each generation should be considered when creating a trust that is intended to last for decades into the future.\u00a0 In many cases, the powers can be as limited or as broad as you desire without creating any gift tax or estate tax problems.<\/p>\n

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    1. Trust Decanting Takes Something Old and Makes it New<\/b><\/li>\n<\/ol>\n

      Trust decanting involves taking the funds from an existing trust and distributing them to a new trust that has different and more favorable terms.\u00a0 Decanting should be included in your trust agreement because it allows the following:<\/p>\n

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