Trust Modifications and Terminations
It is not uncommon for families to wish that the terms of a trust could be changed to address circumstances that were not anticipated when the trust was drafted (such as a beneficiary becoming disabled), to alter or eliminate provisions which make it difficult to administer the trust effectively, to respond to changes in tax laws, or to simply correct drafting errors. Sometimes an early termination of a trust is the most appropriate way to address such problems. However, there are limits to what can be done and an improper modification or termination can lead to lawsuits and tax problems. Dominick Feld Hyde has successfully helped our clients modify and terminate trusts and is familiar with the options and methods for doing so. Having a large number of attorneys holding the Master of Laws in Taxation degrees allows us to evaluate and advise our clients with respect to the potential tax issues associated with such modifications and terminations.