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The sense I have regarding the trust is that at one times it had greater assets and it was thought that it would provide for college, retirement, etc. It was paying out $1400 a month and buying a car every few years. But, I suspect that this was either paying out too many assets of the trust or its performance has been low resulting in the trust corpus being eroded. It doesn't take much to see that $200,000 can't possibly sustain the current withdrawal rate and a car being periodically purchases without the trust corpus vanishing.

You have indicated that your wife would rather the trust money be used for college than her. If so, could the trust income be used for college savings of some sort (I don't know that much about those options but I know there is a board on it here)?
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