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Reply to "Can I as trustee and beneficiary give monetary gifts to myself and siblings?"
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[quote=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). [b]There no concern about running out of money[/b] 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. [/quote]
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