j_src_2017a_2017-01-20t12:10:46z2 Hearing Summary

Date: 01/20/2017

Location: SCR 352

12:13 PM -- 2a. Uniform Trust Decanting Act correction





12:13 PM -- Kristen Forrestal, Office of Legislative Legal Services, introduced the issue, a one-word mistake in the Uniform Trust Decanting Act (Act), which was drafted by the Uniform Law Commission. She also explained that while the change, replacing the word "second" with "first", seems like it might fit under the Revisor's Bill, it is a substantive change. A memo setting forth staff's position was provided to the Committee (attached).DecantingMemo_OLLS.pdf



12:14 PM -- Leticia Maxfield, an attorney representing the Trust and Estates section of the Colorado Bar Association, testified that Colorado was one of the first states in the country to adopt the Act. Subsequently, the Uniform Law Commission noted that there was an error in the tax savings section of the Act; the law refers to a "second trust" when it should've referred to the "first trust". Ms Maxfield explained that the error makes the language nonsensical and not in compliance with IRS rules and regulations.

*Committee member Patrice Collins also prepared a memo explaining why the change was needed (attached).Collins_UTDAMemo.pdf