Legal Question in Wills and Trusts in California
A generation skipping trust. If my father had this kind of trust would that mean that the beneficiary would be my daughter? If so doesn't that mean that my father would have to elect someone to manage his property until I die? Could my father make the durable power of attorney, which was me, continue through my life with the same powers as I had as when my father was alive?
Asked on 7/09/11, 8:22 pm
1 Answer from Attorneys
Michele Cusack
Pollak & Cusack
A generation skipping trust is generally one which is set up to avoid having the property be subject to estate tax at each generation. But the grantors' child(ren) are usually the beneficiaries for life, and often the trustee as well. You should have an attorney review the terms of the trust.
Powers of Attorney are only valid during the lifetime of the principal.
Answered on 7/10/11, 2:13 pm
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