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Recent estate law questions
in a Trust,what does "no trust created hereunder shall continue
in a Trust,what does "no trust created hereunder shall continue beyond 20 yrs. after the death of the survivor of such of the beneficiaries as were living at the time of the donors death"Does this mean that the trust end 20 yrs. after it was initially written or 20 yrs after the donors death
one parent past and the trust was split into survivor and subtrust.
one parent past and the trust was split into survivor and subtrust. I am co-trust on the sub-trust. It is causing major family turmoil and i have been thinking about resigning as co-trust of the sub-trust. I don't want to do any injustice to the beneficiary's on the sub-trust and it appears that the language in the trust allows for changes to be made to the sub-trust by the survivor (and survivor's trust). Is it legal to ask for the sub-trust to be made irrevocable before i were to resign? will that cause difficulty for the survivor to refinance or sell property?
My family has owned a 100 acre farm in INDIANA for over 100
My family has owned a 100 acre farm in INDIANA for over 100 years. my mother died 6 years ago and the farm is in a irrevocable trust in her name. Their are 3 beneficiary's my brother that lives out of state my sister that lives in one of the homes that she owns outright and myself the Trustee/Fiduciary living in the ordinal farm house that I pay rent to the trust. All incomes from the rental of the farm after expenses paid to the 3 of us as beneficiary's. My Brother has said that he wants to sell his share of the farm. My sister and I want to keep the trust intact and buy him out. We will never sell the farm and want to pass it on to our kids the trust can stay intact for 16 more years as I read it. That will put me in to the late 70's and we will deal with that if I am still alive by then. In case of death the share will pass to the the other beneficiary's. I have had a appraisal done. now for my questions (1) Can we buy him out for one third of the appraised value if he is agrees with to our offer? (2) what documents will I need from him to release his share of the income and any future rights to the trust? (3) how do I remove him as a beneficiary from the trust's 1041 tax form. (4) Can I pass my share in this trust into my will or into another trust in my name? (5) Will I need a lawyer / court to complete this transaction?
To be answered by a Texas Trust attorney:
To be answered by a Texas Trust attorney:Three individuals (A, B, & C) sold to one other person (D) exactly 30% of their inheritance before the fact of the inheritance (for D's assistance in dealing with all problems and concerns of securing the inheritance). B. The people did this by a contract for sale [“Contract”] executed and filed in the public record. C. Under the terms of the contract, a business organization would be established so that all money to be paid from the inheritance pursuant to the contract would be deposited into the business organization. D. The percentages due to each would be as follows: D= 30%, A=23.34%, B=23.33% and C=23.33%.E. The language of the contract was as follows:1. “It is hereby agreed that there shall be a business organization, the exact type to be agreed upon at a later date, created by the parties hereto; and, that all revenue of any kind received from any of the property and/or assets covered herein shall be deposited into a bank account in that entity's name, and that all expenses necessary to the continuation of revenue being paid to the parties hereto (i.e. property taxes on the royalties or property covered herein, and any necessary expenses such as well upkeep, etc.) shall be deducted and paid as required before the 70/30 division agreed to in this contract… ; and, the only function of said business organization shall be to facilitate the agreement in this contract. Any monies paid out of said business organization shall be agreed upon by all parties hereto, and shall be divided on a 70/30 basis at each instance of dispersal to the parties. Any party may demand a split of the assets of said business organization at any time.” F. The business organization that was created in compliance with the Contract was specifically a revocable trust. [The trust document specifically states: "This trust shall be revocable."] G. Three of the parties (A, B, & C) to the contract became named settlors in the trust and contributed their entire share; and, the fourth party (D) to the Contract contributed his entire share as well, but was not a named settlor in the trust. H. Under the definitions in the trust document, “settlor” is defined as: 1. "Settlor" means a person [or persons] who creates a trust or contributes property to a trustee of a trust. 2. If more than one person contributes property to a trustee of a trust, each person is a settlor of the portion of the property in the trust attributable to that person's contribution to the trust.” I. The proceeds from the contract were the only contributions to the trust. J. The beneficial distribution within the trust was different than the settlor's contributions for several reasons; but the settlors or their interests never changed. K. The person D decided to revoke his contribution to the trust. Questions based on these facts1. If a person (D) who was not specifically named as a settlor in the original trust document contributes property to the trust, in accordance with the above trust definition, does that person's contribution cause him to become a settlor of the trust with a revocable interest for his entire share of the contribution?2. Can any settlor revoke all of his contribution, even if his defined beneficiary interest percentage in the trust was less than the percentage contribution he made? a. For example, a settlor contributes 30% of the total assets to a trust, but he receives only 25% of the beneficial distributions from the trust. b. If he revokes his contribution, can he revoke the full 30% he contributed?3. Can the underlying contract that caused the creation of the trust be enforced after the trust is created and in force and action?
We are married, and each have 2 children by previous marriages.View more estate law questions
We are married, and each have 2 children by previous marriages. We each have Michigan Statutory wills, in which we give everything to the surviving spouse, with our own kids as contingent. Our house is in joint tenancy. Our IRA accounts go to the surviving spouse , with some (A) going to my kids as contingentbeneficiaries, and others (B) to hers. If we die together, my understanding is:my kids get (A); her kids get (B); they share equally the house , contents, and everything else due to the Uniform Simultaneous Death Act. Is this correct?