This blog was written exclusively for It’s Over Easy® and addresses the additional challenges of divorcing during the holidays and a pandemic. Although we may not have full data for some time on how COVID-19 has affected divorce rates, there is evidence to suggest the pandemic is indeed putting high strain on more marriages.
This article reprint was recently published in the Bloomberg BNA’s Estates, Gifts, and Trusts Journal. While daunting college tuition bills have always been a concern to many parents and grandparents, the coronavirus pandemic and the resulting economic crisis have only served to exacerbate those concerns.
When irrevocable trusts are drafted in happier times, and then times change, is it possible to reduce or even eliminate the interest of an ex-spouse or soon to be ex-spouse? Trustees potentially have access to powerful tools that might change beneficial interests. Indeed, it might be said that there is no such thing as an “irrevocable” trust. In any event, family law practitioners should counsel clients to investigate the options.