Can my father redistribute his loyalties given to him from a will? 4 Answers as of July 21, 2011

Can he set up a fund to distribute it? What is the best tax benefit? He inherited the rights from my mom per her will. My siblings and I are to inherit it once my dad has passed, however he wants to distribute it to us now.

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David Hoines Law
David Hoines Law | David Hoines
maybea lawyer needs to review the documents to determine what is possible
Answer Applies to: Florida
Replied: 7/21/2011
Asset Protection and Elder Law Center
Asset Protection and Elder Law Center | Shadi Alai-Shaffer
It depends on the language in the Will/Trust. It is likely that he can however you cannot say exactly unless you read the actual Will itself.
Answer Applies to: California
Replied: 7/20/2011
Apple Law Firm PLLC
Apple Law Firm PLLC | David Goldman
You father cannot redistribute them, unless everyone agrees. He probably can assign his interest or do a disclaimer so that they go to his kids or other beneficiaries. Disclaimers are often the best option, but are difficult to explain and understand and are case specific. You father should contact a Florida Estate Planning Lawyer to discuss your is options and the tax consequences of each. If he needs help and is not represented I would be happy to talk with him.
Answer Applies to: Florida
Replied: 7/19/2011
Ashman Law Office
Ashman Law Office | Glen Edward Ashman
There is no such thing as a "loyalty." As for giving property during life there are considerations as to gift tax, Medicaid look backs and other details that should be discussed with a lawyer.
Answer Applies to: Georgia
Replied: 7/19/2011
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