Legal Question in Wills and Trusts in Illinois
How can you account for expenses, but assign those expenses only to the principal or corpus for future generations without affecting the current generation of income beneficiaries. It must be OK for the trust to show a loss of principal and ignore that loss in determining the amount of the "income distributions." I am looking for an accounting demonstration or example as part of the legal opinion. Thank you.
1 Answer from Attorneys
This is not a generic question. The specific terms of the trust will dictate where different types of expenses are paid from. If the trust doesn't specify, then it's covered by 760 ILCS 15. There are a myriad of different factors and different types of expenses. Read the trust and the statute and then apply to the accounting. If you need an expert, hire an attorney or accountant.
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