Appropriately referred to as a “do over,” decanting essentially distributes assets from an irrevocable trust into a new trust with different, and presumably more desirable and flexible terms, leaving the unwanted terms in the original trust and not binding on the assets. Decanting can also be used to easily transfer trusts into a more favorable trust jurisdiction, such as South Dakota, the top dynasty trust state in the nation with the best decanting statute. Watch the video below to learn more about how decanting works in the planning process.
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