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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.
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