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Richard - Bizlaw
Richard - Bizlaw, Attorney
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My ex-husbands grandmother passed away and left 9,500 to my

Resolved Question:

My ex-husbands grandmother passed away and left 9,500 to my two children.
She specified that it be left in a trust until they turn 25 which is 12 years away for my oldest and 15 years away for my youngest.

I have been told by friends that this may be very expensive, can anyone give my any advice on a way to set up such a low value trust to best maximize their gift.

I live in Florida.

Thank you
Submitted: 3 years ago.
Category: Legal
Expert:  Richard - Bizlaw replied 3 years ago.
Did she name a trustee of the trust?
Customer: replied 3 years ago.
I do not have much more information other than that the attourney handling the distribution of her will said he needed my information so that I could be appointed trustee, assuming I met the qualifications.
Expert:  Richard - Bizlaw replied 3 years ago.

If you are the trustee then the costs will be relatively minimal. You would invest the money for the benefit of the children. If there is a trust as I suspect there is from what your post said the attorney asked you, the trust will govern the level of discretion you have in investing the funds. You can invest the funds in a brokerage account, bank cds unless there are specific directions in the trust agreement. You can have the trust file tax returns for income earned or you can explore distributing enough assets to have the beneficiaries pay the taxes. This is something you can discuss with an accountant.

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This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.

Richard - Bizlaw, Attorney
Category: Legal
Satisfied Customers: 8901
Experience: 30 years experience corporate, litigation, international
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Richard - Bizlaw
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