Posted by Robert L. Arone – Irrevocable trusts shouldn’t be left to languish as the years go by. In this issue, we’ll show you why and how an old or out-of-date irrevocable trust can be modified to benefit you, your clients, their spouses, or other beneficiaries. And, of course, it’s all totally legal. How Trust Modifications Benefit Your Book of Business Understanding why and how an old and stale trust can be modernized will benefit your clients and probably also your business because: ●     Tax-related complexities of outdated or poorly worded irrevocable trusts—such as high tax rates on capital gains or undistributed income in such trusts, or the forfeited opportunity for a step-up in basis at a second death—may now be at odds with your clients’ goals and circumstances. An up-to-date trust can take advantage of opportunities to save taxes. ●     Old trusts may limit your ability to wisely manage