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Delaware’s Modification by Consent Statute

Potential tax consequences to consider.

On July 29, 2016, Delaware enacted 12 Del. C. Section 3342, Modification of trust by consent while trustor is living (the modification statute).1 The modification statute provides a new mechanism for the wholesale modification (including the termination) of an irrevocable trust administered under Delaware law (an irrevocable trust). Let’s discuss the mechanics of the modification statute, compare it to Uniform Trust Code (UTC) Section 411 and review potential tax consequences


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