Trusts are one of the most important tools available for tax, estate and financial planning. Alaska has the best laws for setting up trusts. However, sometimes, the terms of the trust do not permit the trust to protect maximum advantage for such planning, such as an opportunity to reduce income tax. Other times, circumstances change and the trustee and beneficiaries wish the terms of the trust could be changed. In some cases, the trustee and beneficiaries may petition a court to make changes or corrections. Sometimes, the courts will make the desired changes and sometimes they will not. In any case, court proceedings can be expensive and time consuming.
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