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.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra