onecaribou
Junior Member
What is the name of your state?Florida
My grandmother has recently become seriously ill and my family does not anticipate her living more than a few months. We have been told by my father that her estate is valued at over $4 million dollars (including her home) and that he has read her Will and the funds will be placed in a 'skip generational' trust upon her passing with my father and uncle receiving the income generated by the trust and my 2 siblings and I receiving the principal upon their passing.
My uncle has made it quite clear that he intends to fight the establishment of the trust to get a larger share of the estate, as he has no children to inherit part of the principal. What sort of challenges to the Will should we anticipate? My grandmother has selected her bank to work as trustee and executor. Will they defend the trust if my uncle sues? My grandmother has been of sound mind until very recently (and hasn't changed her Will since my grandfather passed a few years ago) - On what grounds could my uncle possibly sue on assuming her attorneys did a good job in crafting her Will and the Trust documents?
My uncle has also recently been discussing dissolving the trust with my sister and brother trying to win their support for an immediate distribution of the funds. My father is generally opposed to this because of the estate taxes associated with dissolving it. I'm not sure what to think.. Can getting all the heirs to agree to its dissolution dissolve a trust? Are my fathers concerns about estate taxes warranted? Will the trustee/bank allow the dissolution at all? Even if we all (miraculously) agree to dissolve it?
What are the distribution formulas that might be followed if the trust is broken and divided amongst the 2 children and 3 grandchildren?
As the eldest grandchild and the one closest to my grandmother I am really sickened by all the talk of trusts, and estates but I want to be ready to make informed decisions when the time comes. Thanks, in advance for your time and assistance.
My grandmother has recently become seriously ill and my family does not anticipate her living more than a few months. We have been told by my father that her estate is valued at over $4 million dollars (including her home) and that he has read her Will and the funds will be placed in a 'skip generational' trust upon her passing with my father and uncle receiving the income generated by the trust and my 2 siblings and I receiving the principal upon their passing.
My uncle has made it quite clear that he intends to fight the establishment of the trust to get a larger share of the estate, as he has no children to inherit part of the principal. What sort of challenges to the Will should we anticipate? My grandmother has selected her bank to work as trustee and executor. Will they defend the trust if my uncle sues? My grandmother has been of sound mind until very recently (and hasn't changed her Will since my grandfather passed a few years ago) - On what grounds could my uncle possibly sue on assuming her attorneys did a good job in crafting her Will and the Trust documents?
My uncle has also recently been discussing dissolving the trust with my sister and brother trying to win their support for an immediate distribution of the funds. My father is generally opposed to this because of the estate taxes associated with dissolving it. I'm not sure what to think.. Can getting all the heirs to agree to its dissolution dissolve a trust? Are my fathers concerns about estate taxes warranted? Will the trustee/bank allow the dissolution at all? Even if we all (miraculously) agree to dissolve it?
What are the distribution formulas that might be followed if the trust is broken and divided amongst the 2 children and 3 grandchildren?
As the eldest grandchild and the one closest to my grandmother I am really sickened by all the talk of trusts, and estates but I want to be ready to make informed decisions when the time comes. Thanks, in advance for your time and assistance.