Paul Cathcart to Present at MLCE’s “Strategies for Fixing Dysfunctional Trusts”

Paul M. Cathcart will be presenting at the Strategies for Fixing Dysfunctional Trusts event on August 5, 2024. Paul will present at two sessions, “Reasons to Modify an Irrevocable Trust” and “Methods to Modify Irrevocable Trusts.”

About the Session:

Irrevocable trusts are a common estate planning tool for transferring wealth to future generations while reducing transfer taxes. In exchange, the grantor of an irrevocable trust must give up the ability to amend or revoke the trust. However, despite their name, irrevocable trusts can still be modified in many ways, particularly when they are no longer working as effectively as they should. This panel discusses potential reasons to modify a trust, such as fixing a scrivener’s error or ambiguity, reflecting changes in the law, or addressing unforeseen beneficiary circumstances. The speakers also review the multitude of judicial and non-judicial methods for modifying an irrevocable trust’s terms or altering important aspects of the trust’s administration, as well as drafting considerations to head off potential issues in advance.