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Generation skipping trust

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candg918

Member
What is the name of your state? OK

I followed the ABA link provided to another poster. When bowsing the site, I found references to Generation Skipping Trusts.

Are there 2 estate tax exemptions - one the GST and the other the Unified Tax Credit?

Is this the appropriate manner to set up an educational trust for grandchildren?

Thanks.
 


candg918

Member
I have looked at them. My problem is that I also funds available to grandchildren who are not yet born. Every thing I have read indicates that these accounts are in the name of a specific person even if it can be used by another should the first child not use it.

The grandchildren might have different of my children as their parent. If they had the same parent, it would be easy for that parent to decide how to distribute the funds within the family. I also would like the funds available for pre-college programs.

Do you recall any references addressing these situations?

Thanks.
 

BlondiePB

Senior Member
candg918 said:
I have looked at them. My problem is that I also funds available to grandchildren who are not yet born. Every thing I have read indicates that these accounts are in the name of a specific person even if it can be used by another should the first child not use it.

The grandchildren might have different of my children as their parent. If they had the same parent, it would be easy for that parent to decide how to distribute the funds within the family. I also would like the funds available for pre-college programs.

Do you recall any references addressing these situations?

Thanks.
Since you have a trust attorney, this is something you need to discuss with him/her.
 

candg918

Member
I wish I had an attorney who was really knowledgable and would do something. As I posted before, I have already paid $5000+ to an attorney (in advance) and all we have received are draft copies of a living trust and an insurance trust which she will not discuss or modify. She had promised to return our fee, but now wants to charge even more for the time she spent meeting with us (about 2 1/2 hours total on 2 days). She now is practicing only personal injury law.

She did not mention or use a bypass/credit shelter trust to solve our problem which is an inequitable distribution of our individual assets (my husbands is 5-6 times mine and is added to at a rate 3-4 times mine). Her planning consisted of quit claim deeding the house to me (with no mention of a life estate for my husband). She also wanted to put the retirement accounts into the living trusts which I now find out is not a reasonable approach.

At this point, I do not want to even try to find another attorney until I have a good idea as to what types of things need to happen or should be considered. We have documents drawn up when our children were minors and in a community property state so we have not totally ignored the problem.This attorney was not the first we spoke with about estate planning recently. I deal with the people at the financial firm which handles our retirement accounts but they are in a national office in another state and cannot refer us to anyone here. The first estate attorney wanted us to cash out our retirement accounts and purchase life insurance (through him, of course). I served on a criminal case jury; I was disgusted by the way one of the DAs spoke to the jury; his attitude was very condescending and was very emotional as though we would decide the case on something other than the facts presented. Needless to say, my trust in the legal community has been shaken since my encounters have been bad. We have too much saved to do nothing but not enough to have connections in the legal commmunity in other matters.

At least with doctors you can find out if they are board certified in a particular area. Is there some sort of quality control certification of attorneys in the specialty areas? Rather than finding an individual or 2-3 person office, would we be better off going to a large firm and probably being assigned to a junior associate - if they would even take us on as clients?

Should I try to do anything to get back part of the fee alrady paid or just consider it an education in what not to do?

Any advice on finding an attorney would be greatly appreciated. Thanks.
 

BlondiePB

Senior Member
Request a current itemized statement from the current attorney. Review it, fire the attorney, and get any balance back due you. Interview several attorneys that "specialize" in trusts. You can also get recommendations from your state bar association..
 

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