Legal Question in Wills and Trusts in Virginia
generation skipping trusts
My wifes grandfather died in 1993. My wife was named as the beneficiary of a generational skip trust. Her father receives the income from the trust and upon his death she and her siblings will receive the principal. a bank in N.J. has been administrating/managing the estate for the last 14 years. Her father wants to move the management of the estate to a bank where he lives in New Hampshire. In order to do this my wife and her siblings must sign a paper authorizing the transfer. We are told that the assets will have to be liquidated and capital gains taxes paid prior to transfer. Her parents say they will save on the estates management fees and have more say in investment decisions. What are our rights? Is this an attempt to grab control of the principal if not the principal itself? Is it possible for the estates management fees to be at such a rate as to deplete the estate completely? Please advise!
1 Answer from Attorneys
Re: generation skipping trusts
Why not find out just what the estate managements fees are(if you don't already know) and do a cost comparison between the N.J bank and the one in New Hampshire.?
Given the requirement for the liquidation of the assets and payment of capital gains taxes as conditions precedent to the transfer, and the likelihood that there may not
be a significant difference overall in the estate mnagement fees, this is probably a less than good idea overall.
For further information and specific advice on this situation, you may wish to arrange for a consultation with an
attorney who practices in the area of trusts and estates.
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