Reply to When do you tell kids about family money?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Our kids are in their 30s, married and doing very well career wise. We are very generous with them but not enough to spoil them or dissuade them from succeeding on their own. But, when my husbands parents died he turned down his inheritance and had it go directly to our kids because we didn’t need it and it would really benefit them. It was about $300k per child. We have been very generous funding 529 plans, likely enough to pay for college or close to it. [b]We have set up irrevocable trusts so they will each inherit a lot of money but since we are each the trustee of each others trust if a real need came up the trusts can be used well before we pass[/b]. We told them a few years ago roughly how much was in the trusts and I’m sure they’re worth a lot more now. [/quote]

Is this true?  If your spouse is the trustee you can “easily” get money out of an irrevocable trust while still alive?  And the kids are the only beneficiaries? [/quote]

I don’t know. Anyone? [/quote]

Yes this is true.  You have to trust your spouse and of course don’t get divorced.

The irrevocability has to do with the inability to change how the trust operates, but it’s common for couples to name each other the trustee for each person’s irrevocable trust…normally the trust gets funded if one spouse dies, but then the other spouse becomes the trustee of your trust and can use the money.

Nothing stopping anyone from funding it when both are alive.[/quote]

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