On October 1, 2023, the Maryland Decanting Act became effective new law in Maryland. As 2024 is well underway, and with Maryland now having its own decanting law, clients, financial advisors, CPAs, and other collaborative advisors, need to understand the fundamentals of this new law, and how decanting is arguably the most aggressive and extreme power in estate planning.
In this concise one-hour presentation, Stephen Elville, Managing Principal and Director of Operations at Elville and Associates, P.C., a leading estate planning and elder law firm in Maryland, will lead a discussion about the major things clients, financial advisors, CPAs, and other collaborative advisors need to know about the effects, pros and cons, including risks and rewards, of the new decanting law. Mr. Elville will take questions both during and after the presentation, and is available for new client meetings, as well as problem-solving, educational, practice growth, and other one-on-one or group discussions.
Topics of discussion will include:
– Understanding why many trusts aren’t permanent in 2024
– what is Decanting, and how it came about that your trust could someday be changed
– Why there’s a need for flexibility in estate planning, and what does that look like in 2024
– History of decanting and trust flexibility tools in Maryland
– What is a clients’ “exposure” to decanting now, and does this mean a possible disruption of a client’s estate plan?
– Do clients have a choice about this? “I liked my old wine”, says Sally …
– Advantages and disadvantages of decanting – Brief overview of the new Maryland Decanting Statute
– Examples
More Webinars from Elville and Associates
The education of clients and their families through counseling and superior legal-technical knowledge is the mission of Elville and Associates. We hold multiple educational events every month. Click to view our calendar of educational webinars and events or visit the Elville and Associates YouTube channel to view recordings of our past webinars.
