Restructuring Trusts
When a trust is formed, it is impossible to foresee the many ways in which basic facts and assumptions that formed the basis of the trust may change – often dramatically. Family businesses may fail or change substantially, or core assets may deplete through misuse of disruptive market shifts. Families themselves may change composition radically or be simply ungovernable in a single trust. Tax laws change and make certain trusts extremely tax inefficient. This program will discuss why certain trusts should be restructured, the methods by which those changes can be made, and issues involved for fiduciaries and others.
- Circumstances when it makes sense to restructure a trust
- Methods available for restructuring – when you can do it administratively and when you need a court order
- Restructuring trusts for tax efficiency, including the GSTT
- Restructuring to reflect changes in a family business or family composition
- Restructuring to cure errors in trust documents
- Issues for fiduciaries
Benjamin S. Candland is an attorney in the Richmond, Virginia office of McGuireWoods, LLP, where his practice focuses on estate planning, administration, estate and gift taxation, and litigation. He provides individual clients with advice on various estate planning matters involving estate, gift, and generation-skipping transfer taxes. He also advises fiduciaries concerning the administration of trusts and estates and related tax issues. He is a member of the ABA Real Property and Probate Section and the Virginia Bar Association Trusts and Estate Section. Mr. Candland received his B.A. from Brigham Young University and his J.D. from the College of William and Mary School of Law.
