Legal Question in Wills and Trusts in Illinois
estate question
My mother passed away in November 2007. We chose a well known bank in the area to be executor. In her will and trust it states her assests were to be placed in a Generation Skipping Transfer Exemption Trusts of equal value to her descendants. When SHOULD my mother's assets have been put into those trusts?
1 Answer from Attorneys
Re: estate question
Typically when generation skipping trusts are set up, the estate is large enough ($2 million in 2007) to require the filing of a federal estate tax return. That would have been due 9 months after death (or 6 months later on extension). The executor would then wait for approval from the IRS and thereafter would fund the trusts as provided for in the main trust. Check with the executor to find out the details of what is happening, or hire your own attorney to investigate what has happened.
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