Reply to Can monetary gifts be given from a trust account?

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Reply to "Can monetary gifts be given from a trust account?"

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[quote=Anonymous]You need to look at the Trust Agreement. You should also know whether or not the assets in this Trust are subject to the estate tax.

It sounds like the estate is more than $14m. You're a trustee, but you don't know what is in the Trust Agreement.

One thing I've learned from dealing with Trusts etc is that it's REALLY, REALLY unsupervised. There are no guardrails. In a lot of cases, family have to sue each other to enforce the rules. You can bop along doing things wrong for a long time and there is no corporate compliance entity to raise any flags for you.

Because of that, and the size of the estate, and your legal and ethical responsibility as the Trustee, you should really, really consider meeting with a lawyer to go over the Trust Agreement and understand the rules and your responsibilities. Get ahead of it. Make a plan for documenting distributions and reporting to beneficiaries. You'll be really glad you did all this when someone has hard questions, gets divorced, etc etc. [/quote]

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