money in trust for me
My mother in New York State has some money in trust for me. She is the controlling trustee and can access it any time. The return is small and we have discussed allowing me the use of that money for some needed projects at my home in return for a payment substantially larger than her current return. She is NOT near having to go to a nursing home though she is elderly. What's the best way to accomplish giving me use of the money? A formal loan perhaps? What might the pitfalls be? The amount is around 30-thousand dollars. Oh, and we each have the others power of attorney. Thank You.
1 Answer from Attorneys
Re: money in trust for me
Dear sir or madam:
Depending on the type of trust and the estate planning involved, the simplest answer may be to simply dissolve the trust and gift the principal to your directly.
For further assistance, you can contact my office by email ([email protected]) or by phone.
Sincerely,
Anthony S. Park
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