An irrevocable trust may have outdated provisions even when the family still wants the assets to remain in trust.

An irrevocable trust may have outdated provisions even when the family still wants the assets to remain in trust.

Decanting may allow a change in jurisdiction, a change from grantor to nongrantor status, or a future age-35 payout to become a discretionary trust across generations. What can change depends on the trust, state law and the tax consequences.

Updating an irrevocable trust is the focus of this Daily Tax Planning Strategy.