estate/gift tax law question
my parents set up a family trust some time ago. when my mother died this year, all assets were subdivided into 3 other trusts: a living trust for my dad, a decedent trust, and a bypass trust. My sister and I are co-trustees of all of these trusts. Prior to this arrangement, we each usually received a cash gift of $10000 at xmas time. How does this new arrangement with us being co-trustees affect gift giving from these trusts? Are we still allowed to receive a tax free cash "gift" from the trust(s)? Each trust has its own tax id number.
2 Answers from Attorneys
Re: estate/gift tax law question
You raise a good question!! complicated, too!! I'd have to research it to find the answer. Pls. see my enclosed resume and email #....Wishing you all the best.....Bruce Lewis, Esq.....
Re: estate/gift tax law question
Bypass and living trusts make sense, the term decedent trust is a bit foreign but I think I know what you mean. Does the "living trust" really have it's own tax id? When did your mother die? Did you or anyone else prepare the last tax returns?
You probably should have been getting each $20,000 per year while your mother was alive.
Now you might be able to take $10,000 per year but it depends on two major questions. Please contact me by telephone at (617)527-0050 or e-mail me directly as the address shown below.
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