In Part I of this blog series on Trust Modification, I addressed the first three (the simplest) modification options: Reformation, Procedural Modification and Equitable Deviation. Let’s continue up the stair steps to Part II and the more complex option of decanting. 

I’m not much of a golfer. In fact, when I’m asked if I play, I reply that golf gave up on me years ago. I appreciate the beauty of the game and the finesse that great players demonstrate, but my golf game required a great number of “Mulligans” for me to finish a round.

There are some parallels between golf and estate planning, especially as it pertains to errant strokes and missed opportunities that inevitably occur in golf and sometimes, in estate planning.

IRS attorney Cathy Hughes created waves at the American Bar Association’s Section of Taxation meeting in May when she signaled the Service’s intent to release new proposed regulations under IRC §2704(b)(4) by mid-September. The proposed regulations would likely include new “disregarded restrictions” built into family entity strategies that would, in turn, reduce or eliminate the use of valuation discounts in those entities.