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

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[quote=Anonymous][quote=Anonymous]I'm a trustee and beneficiary of a trust account and overseeing my parent's money. It will be better to give money to children and grandchildren now rather than have the IRS take 40% of some of it once the parent passes away.

Parent has a regular non-trust bank account and also a trust account. A lawyer I considered hiring said I had to be careful about "self-dealing" from the trust and that there are a lot of rules and laws around it.

My parent has enough to live on and will never need Medicaid, and all the money will go to us anyway.

[b]If I gave a monetary gift to myself and the same amount to my sibling from the trust account, is this ok and legal to do?[/b]

I can't find the answer via Google and am hoping not to pay a lawyer $1,000 just to get an answer to this question.

If I can't find the answer, then I will keep the non-trust bank account and keep giving the gifts from that, but it seems crazy to have so many accounts.[/quote]

Are you saying they are over the $30m estate tax threshold in net worth? 
What is their aggregate gifting to date figure? Also needs to be $30m per couple.

Do people need or want money right now? Or can they wait for last survivor death? [/quote]

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