Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
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.

Bill
Print the post  

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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.