There have been a lot of changes in the past few years in the laws dealing with trusts, taxes, and financial planning. The trust instrument is a long standing tool that is used to effectively manage wealth and property for beneficiaries. Trust law is continuing to evolve which is why it is important for people to regularly review their trusts. A person can either have a living trust that is established while the grantor is alive, or they can have a testamentary trust that is established after the grantor passes away. This article discusses the changes in the tax laws dealing with trusts that have gone into effect since 2013. Changes in the makeup or dynamics of a family also need to be considered when making estate planning decisions for a trust. State courts and legislatures across the country have been making important reforms to the rules and regulations dealing with trusts, but it is still extremely important for people to stay on top of any trust that they are involved with.
See Steve Parrish, Trust Me, You Should Review Your Trusts, Forbes, December 14, 2015.
