What is the name of your state (only U.S. law)? NY
I hope this type of estate question is relevant to this forum.
I am the trustee of my Father's AB trust. I became the Successor trustee two yrs ago when he passed away. .As trustee, I make sure, among other things, that my mom who is listed as beneficiary gets the dividends and other income that assets in the trust throw off. The trust comprises the house that Mom lives in as well as a muni bond fund and stock investment acct. When mom dies, its stipulated that the funds in this trust, as well those owned directly by her pass directly to myself and my sister.
My question is this. Mom is old but in good health, and, she has plenty of money outside of this trust, ie, more than she could ever use, under her own name. We want to know if, as trustee, I may take ownership of any of the funds in this trust for my own use with her blessing. Her feeling is, why have to wait til she dies for me to inherit the money if some of it can be made available now, without it being vulnerable to the Gift tax, or other taxes. .Being a muni fund, I dont believe capital gains would be a major issue, so this would be the most logical asset in the trust to use for current access.
Thanks for your advice..
I hope this type of estate question is relevant to this forum.
I am the trustee of my Father's AB trust. I became the Successor trustee two yrs ago when he passed away. .As trustee, I make sure, among other things, that my mom who is listed as beneficiary gets the dividends and other income that assets in the trust throw off. The trust comprises the house that Mom lives in as well as a muni bond fund and stock investment acct. When mom dies, its stipulated that the funds in this trust, as well those owned directly by her pass directly to myself and my sister.
My question is this. Mom is old but in good health, and, she has plenty of money outside of this trust, ie, more than she could ever use, under her own name. We want to know if, as trustee, I may take ownership of any of the funds in this trust for my own use with her blessing. Her feeling is, why have to wait til she dies for me to inherit the money if some of it can be made available now, without it being vulnerable to the Gift tax, or other taxes. .Being a muni fund, I dont believe capital gains would be a major issue, so this would be the most logical asset in the trust to use for current access.
Thanks for your advice..
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