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My dad set up 2 trust funds. The estate is quite large. The…

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My dad set up 2...
My dad set up 2 trust funds. The estate is quite large. The trust company is to give us income from the estate or a % of the value of estate. They decided "income" was net income, not gross income. The will just states income. Are they doing this correctly?
Submitted: 2 years ago.Category: Estate Law
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2/1/2016
Estate Lawyer: Loren, Attorney replied 2 years ago
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 39,329
Experience: 30 years experience in the practice of estate law.
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Good afternoon. I am Loren, a licensed attorney, and I look forward to assisting you.

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Estate Lawyer: Loren, Attorney replied 2 years ago

What is being netted out of the income to be distributed?

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Customer reply replied 2 years ago
All expenses. Approximately 103,000 out of approx. 360,000 gross income.
Customer reply replied 2 years ago
That was for 2014.
Estate Lawyer: Loren, Attorney replied 2 years ago

Typically, the income distributed is net of expenses. Otherwise, if all income is distributed without accounting for expenses, the trust would be insolvent.

Most trust agreements do contain boilerplate language that the trustee should pay trust expenses from the income. If not, the trustee usually has broad powers under the trust agreement to manage the assets and that is usually interpreted in paying lawful expenses.

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Customer reply replied 2 years ago
We were confused because it was 5% of the value of estate or the annual "income". The either, or, is why I thought it should be gross income. Does that make a difference?
Estate Lawyer: Loren, Attorney replied 2 years ago

No, as I said, it has to be net income or else the estate would be insolvent. The trust can not distribute gross income.

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Estate Lawyer: Loren, Attorney replied 2 years ago

Did you have further questions? Have I answered your question?

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Estate Lawyer: Loren, Attorney replied 2 years ago

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question. Thanks.

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