If my mother and father each had separate Trusts of which I was the benficiary, can I now combine them?
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If my mother and father each had separate Trusts of which I was the benficiary, can I now combine them?
My mother created a Trust for me which the assets flowed into when she passed last year. I would like to take the assets from this Trust, along with the distribution that I receieved from my fatheer’s Trust and create a new Trust in my parents’ names. It would benefit my child and their kids if they have any. Is this possible?
Asked on October 7, 2014 under Estate Planning, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Are your parents still alive? If they are not then they can not create a trust posthumously unless it was done so in their Last Will and Testament. I would speak with some one who does some estate planning AND an accountant as to the ramifications of breaking the trust. The Trust document(s) should say the duration and terminating them early could result in tax consequences. Good luck.
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