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Subject:  Re: Taxes for Family Trust Date:  5/13/2017  1:03 AM
Author:  Wradical Number:  125911 of 132868

Even the law firm that put together this trust, (original lawyer has retired,) is scratching their head over how this trust is to operate. I did read that when one of the siblings die the trust goes to their descendants proportioned as they dictate, back to the remaining sibs or their descendants if there are no kids to give it to, but seemingly no way to say no thanks and pass it down to the kids right away.
Actually, the provisions don't have to be in the trust agreement. Every state's laws on trusts and estates, PLUS the Internal Revenue Code, provide rules about QUALIFIED DISCLAIMERS. (Technical term, which makes the disclaimer not subject to gift tax if done timely and properly.) I would re-address this issue with the law firm, if this is really what you really want to do.

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