Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: richielk Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121097  
Subject: Re: Trust-to-trust problem Date: 8/9/2001 3:34 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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.
.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement