AnthonyG22
Junior Member
What is the name of your state (only U.S. law)? Californa
My grandmother created an irrevocable trust in 1999 naming my cousin as executor and later as succesor trustee after her health got really bad. There were 4 properties in the trust that were to be equally shared among 5 grandchildren and one property was to be given to only the executor and his sister. The trustee/executor sold the property several years before my grandmothers death and purchased two other income producing properties. My question is whether he and his sister are still exclusively entitled to those properties since at the time of my grandmothers death, the property they were to receive was no longer an asset of the trust. Does this mean that those two properties that he purchased are to be included in the trust and equally distributed to all five beneficiaries?
In addition, he royally screwed up the estate tax filing and the IRS came back demanding $800,000 and now he is claiming that we were all overpayed and wants us to give him money back. Isn't he responsible for any errors he commits? I had tried to convince him that it was wrong and that he needed to pay Generation Skipping taxes, reappraise the properties, and make sure that the Limited Partnership was valid and would be accepted by the IRS. Also, two of the beneficiaries blew through their inheritence in a year and cannot make a repayment, and he is not asking them for anything, but he expects me to make a repayment. I am in the process of getting an attorney, but wanted some feedback. I'd be happy to provide any additional information if things are not clear.
Thanks.
My grandmother created an irrevocable trust in 1999 naming my cousin as executor and later as succesor trustee after her health got really bad. There were 4 properties in the trust that were to be equally shared among 5 grandchildren and one property was to be given to only the executor and his sister. The trustee/executor sold the property several years before my grandmothers death and purchased two other income producing properties. My question is whether he and his sister are still exclusively entitled to those properties since at the time of my grandmothers death, the property they were to receive was no longer an asset of the trust. Does this mean that those two properties that he purchased are to be included in the trust and equally distributed to all five beneficiaries?
In addition, he royally screwed up the estate tax filing and the IRS came back demanding $800,000 and now he is claiming that we were all overpayed and wants us to give him money back. Isn't he responsible for any errors he commits? I had tried to convince him that it was wrong and that he needed to pay Generation Skipping taxes, reappraise the properties, and make sure that the Limited Partnership was valid and would be accepted by the IRS. Also, two of the beneficiaries blew through their inheritence in a year and cannot make a repayment, and he is not asking them for anything, but he expects me to make a repayment. I am in the process of getting an attorney, but wanted some feedback. I'd be happy to provide any additional information if things are not clear.
Thanks.