Do we need to divide the estate into trusts? 2 Answers as of September 07, 2010
My father recently passed away after a long battle with cancer. He left his immediate family members, including myself, a trust to be divided between us. The executor claims that we need to create individual trusts for all of the family members. What would the tax implications be if we did this?Free Case Evaluation by a Local Lawyer!
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E. Ray Critchett, Zaino & Humphrey, LPA | Ray Critchett
It very well may be in the best interest to divide the trust into separate trusts but there should not be any tax effect.
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You may contact our office to schedule an appointment if you have further questions or if you need assistance with this issue. Thank you.
Answer Applies to: Ohio
Replied: 9/7/2010
Law Offices of James C. Bechler, A.P.C. | James Bechler
There should be no tax implications in dividing the one trust into several trusts among the beneficiaries.
Answer Applies to: California
Replied: 8/25/2010
