When consumers experience a “breach” of certain categories of information, state laws have required organizations to notify those affected and, in some instances, to also notify state agencies, consumer reporting agencies, and the media. A growing number of states—including California, Colorado, Connecticut, Maryland, Massachusetts, Texas, and, most recently, New York—have gone a step further, requiring organizations to develop and implement “reasonable safeguards” to secure the personal information they collect and use. 

Decanting can be a great way to add flexibility to irrevocable trusts. Beyond correcting scrivener’s errors, resolving ambiguities, or clarifying trust language, decanting allows trustees to change some provisions of an irrevocable trust by pouring the assets into a new trust with modified terms.

When planning for married couples are joint trusts more advantageous or are separate trusts the way to go? Many married couples have their assets so intertwined that separate individual trusts might not be the best estate planning tool for them. However, joint trusts often don’t provide the same level of flexibility as separate trusts. A Survivor’s Trust, on the other hand, provides the surviving spouse with the same kind of versatility at first death that he or she would have had if the couple had used separate trusts at the outset.