Can I as trustee and beneficiary give monetary gifts to myself and siblings?

[Anonymous]

When we had money in a non-trust account, parent gave us annual monetary gifts. These are given to reduce estate taxes. If we don't take it, Uncle Sam will take it one day.

Now, parent can't manage money. I manage the money and have moved a lot of it to a trust account on the advice of the financial advisor.

I am a trustee and also a beneficiary. Can I still legally give myself the same annual gift as before? The same amount goes to the siblings (who are backup trustees and beneficiaries).

There no concern about running out of money with the amounts we'll be taking.

I can't find this answer. I can ask an attorney when I go to revise my will but am hoping for an answer quicker than that.

[Anonymous]

You still have to consult an attorney, but try uploading the trust agreement into ChatGPT and asking questions. It will help you find the relevant sections, point you to state laws that apply and can be useful to figure out what questions you want to ask the actual attorney. I like to feel prepared before I talk to a lawyer and I think it’s really useful. It can give you a vocabulary list from the trust agreement, stuff like that.

[Anonymous]

There’s no one answer here because it depends on the specifics of the trust agreement.

[Anonymous]

Please hire a lawyer for your relevant jurisdiction.

[Anonymous]

Thanks! I do plan to see an attorney about some related matters so will ask this question, too.

In the meantime, I'll scrutinize the trust agreement itself.

OP

[Anonymous]

Anonymous wrote:You still have to consult an attorney, but try uploading the trust agreement into ChatGPT and asking questions. It will help you find the relevant sections, point you to state laws that apply and can be useful to figure out what questions you want to ask the actual attorney. I like to feel prepared before I talk to a lawyer and I think it’s really useful. It can give you a vocabulary list from the trust agreement, stuff like that.

And if you are lucky, might even invent a few state laws too!

[Anonymous]

I'll still ask the attorney, but this is looking like a yes. "...the Trustee may in its discretion use
so much of the net income and any portion or all of the principal for the support, comfort and
welfare of the Settlor or the Settlor's descendants in their accustomed manner of living or for any
other purposes the Trustee believes to be in their best interests..."