South Dakota is AGAIN ranked as having the top decanting statute in the nation. Published by Nevada attorney Steve Oshins, the new 2nd Annual Trust Decanting State Rankings Chart, is an excellent resource for advisors and clients because of Oshins’ methodical and objective approach to evaluating the factors that impact the viability of a state’s decanting statute. Oshins employs the same methodical approach he brings to the Dynasty Trust State Rankings Chart and the Domestic Asset Protection Trust State Rankings Chart.
Decanting has emerged as a very compelling planning option for advisors across the nation. Appropriately referred to as a “do over”, decanting is essentially distributing 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.
The concept of decanting has become a very powerful tool for planners to modify irrevocable trusts and has emerged as one of the most progressive planning strategies available in dealing with irrevocable trusts and dynasty planning issues. Decanting is also a streamlined option for easily transferring a trust from one state jurisdiction to another more favorable jurisdiction, such as South Dakota, with directed and asset protection trust statutes.
For a more detailed discussion about decanting and how it works to modify irrevocable trusts once considered unchangeable, click here for an informative video on the concept and how it works in the planning process.
Steve Oshins’ 2nd Annual Trust Decanting State Rankings Chart can be viewed in PDF format by clicking on the image below.
Please contact Bridgeford Trust via our contact page if you have questions about decanting or would like to discuss a particular trust situation where decanting may be appropriate.