Legal Question in Wills and Trusts in Ohio

Change or cancel irrevocable trust

I put 4 million dollars in my 4 adult children's names in irrevocable trusts. This was 12 years ago. I have since changed my mind. I would like that money to pay taxes after my death. If the children are willing to sign, now, something relinquishing the money or trust is this possible? Is there anyway I can have this money be made to be placed somewhere to pay taxes instead of being distributed to the children. Can I pay the taxes on the 4 mil. and cancel it? Can I transfer it to a corporation? I know irrevocable means just that, but there has to be someway around this. I have spoken with counsel and I am always told there is nothing that can be done. I would appreciate any suggestions. Thanks


Asked on 8/17/01, 9:54 am

2 Answers from Attorneys
Frank Rozanc Frank J. Rozanc, Esq.

Re: Change or cancel irrevocable trust

It all depends on the terms of the trust(s). Even though they are irrevocable, the trustee might be able to deplete them substantally to accomplish your purpose. Keep in mind that there are major income and gift tax implications for you here.

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Answered on 8/17/01, 1:36 pm
WILLIAM BRANDWEIN WILLIAM A. BRANDWEIN, A PROFESSIONAL LAW CORP.

Re: Change or cancel irrevocable trust

It all depends on the terms of the trust. You probably should have filed gift tax returns when you established the trusts. If you didn't it may be because you have an incomplete gift. Only the terms of the trust agreement will disclose this. If you are in the Columbus area, I maintain an office there. If I can be of any assistance let me know.

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Answered on 8/17/01, 4:38 pm


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