This depends upon the specific Trust provisions and the purpose for which the irrevocable Trust was designed.
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It also depends on the state that has jurisdiction over the trust and what you are trying to accomplish with the transfer. There may be other ways to accomplish all or part of the objective sought by transferring to a new trust.
You should consult a trust attorney.
As Mr. Bernard stated, it really depends on trust, its purpose, what you are trying to do (and wherher that objective is consistent with the terms and putpose of the trust),whether all the beneficiaries would consent to this change and, if necessary, whether the court would approve this change. While the attorneys on this forum all try to be helpful, this feedback is no substitute for sitting down with your estate planning attorney, likely paying for his or her time, and creating a thoughtful strategy based on a thorough review of the documents and the totality of all facts and circumstances.
Disclaimer: This answer does not constitute legal advice, should not be relied on, and is not substitute for a consultation wtih an attorney. You should seek in-person legal counsel from an appropriately licensed attorney immediately. This answer also does not create an attorney-client relationship or any other relationship.
We need more facts to be more helpful, but this is not an uncommon thing for attorneys to help clients achieve. I have petitioned courts for clients to transfer assets from a bypass trust to a revocable Trust because changes in the estate tax laws make the irrevocable trust hamper the trustor’s intent. I think time with an attorney would clarify the issue for you. And potentially save you significant taxes and costs of annual tax returns.
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