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Financial Planning / Tax Strategies
|Subject: Re: Trust-to-trust problem||Date: 8/9/2001 3:34 AM|
|Author: richielk||Number: 53194 of 121114|
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.
OK. That helps. I don't know trusts exactly but you didn't say what the trust was for ie. who's benefit. But, you don't
have a gift tax problem. Only the giver might. Since trust are involved and a bequest, I'll plead ignorance. Without the
trust, remember my ignorance statement, it's either a bequest, no problem, or your parent's giving you the money.
Again, no problem to you. The fact of the trust and not being a trust expert, you'll have to find a lawyer or a better tax
guy. I'm beyond my ability to give you a reliable answer. Sorry
>>> No problem, thanks for trying, I think my main confusion is that I see trusts like IRA's - untouchable unless penalty. That is that a bank account is declared to be a trust account, any money going into it and coming out must be subject to special rules. Maybe I'm just too cautious.
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