The Gumby Trust: Creating Flexibility Fourteen recommendations to consider for our exponentially changing world
Trusts & Estate’s Magazine October 2018
Louis S. Harrison, Kim Kamin & Martin M. Shenkman
The 2017 Tax Cuts and Jobs Act (the Act) dramatically changed trust planning. But many of those provisions sunset, and it’s possible that a new administration may yet again change the rules. It’s obvious to estate planners that trusts should incorporate more flexibility to deal with tax uncertainty. For example, flexibility in changing the income tax status of a trust might be important. However, while tax-focused planning is seductive to tax practitioners, there’s so much more to consider with respect to designing trusts that can adapt to change.