WDSU has more details on this story in Fight over Louisiana’s largest fortune continues.”

This case will turn on the exact wording of the original trust documents.

If the daughter and grandchildren are already vested beneficiaries of an irrevocable trust, then it will be extremely difficult to change the trust to exclude them. This is one of the reasons that many people prefer revocable trusts. However, there are tax trade-offs to be made with the different trusts.

Clearly these are complex matters and weighing the tax advantages against the benefit of flexibility (or lack thereof) requires close examination, a sharp pencil and good judgment. Irrevocable planning should only be undertaken with careful reflection and the advice of experts.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
Post A Comment