Legal Question in Wills and Trusts in Tennessee

Trust beneficiaries

I am the executor of a will that sets up a trust with specific bequests (I am the trustee). I am also the co-owner of the bank accounts that contain all of the funds of the estate. Since the funds now belong to me (the person is deceasesd), can I honor the bequests, even if they exceed the gift allowance for tax purposes? Would they be considered an inheritance from the will/trust, or a gift from me?


Asked on 1/06/03, 10:36 pm

1 Answer from Attorneys
William Poland Law Offices of William H. Poland

Re: Trust beneficiaries

Your question poses some really sticky legal questions. The potential tax issues are too complex to be fully discussed in an e-mail setting. I would suggest you contact an attorney for a free consultation.

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Answered on 1/06/03, 11:18 pm


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