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Financial Planning / Tax Strategies
|Subject: Re: Trust-to-trust problem||Date: 8/8/2001 9:37 PM|
|Author: richielk||Number: 53187 of 122303|
My grandpa died and I'm supposed to receive some money as beneficiary. This money was given to the parents for distribution to the
grandchildren. The estate was small so no tax implications. Now somehow the money ended up in my parent's living (revocable) trust.
How can I get the money from my grandpa? I do have a supporting letter from my grandpa's trust, I assume that if I'm given the exact
amount from my parents it would work with no gift tax implications - the amt is slightly over 10k.
Was there a will? Did this go through probate? What kind of a trust of your grandfather's? I'm not a lawyer, but if you have a legal right to it, then it
seems to me to not be a gift, but a direct inheritance.
Oh, gifts up to $20,000 total from your parents wouldn't be taxable.
There was a will and a trust (no probate) set up with me as a named beneficiary. For me it's not the grandpa -> grandchild issue but how to get it out of the parent's trust without any tax implications.
I also don't want to use up my gift exclusion for this year yet when I don't have to (e.g., if it had gone from grandpa trust -> grandchild that would have been ideal). So my concern is in the parent's trust, etc.
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