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Damien Bosco
Damien Bosco, Attorney
Category: Estate Law
Satisfied Customers: 2702
Experience:  Helping you with your legal questions.
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I have an irrevocable trust. When my father passed two years

Customer Question

I have an irrevocable trust. When my father passed two years ago, my sister who is the executor, received roughly $2.6M and some cash in various accounts worth an additional $300K each. Per instructions my father left, she is executor and has full access to her money and I have an irrevocable trust.
JA: Estate laws vary by state. What state are you in?
Customer: We get along great. I wanted to do something tangible, so I started a small Millwright company 6 months ago and have been using stocks when company needs capital.
JA: What documents or supporting evidence do you have?
Customer: I am in DE
JA: Anything else you want the lawyer to know before I connect you?
Customer: I am below the threshold I set. is there any way I can get capital from the trust? Can it be used as collaterall for a line of credit or loan?
Submitted: 1 year ago.
Category: Estate Law
Expert:  Damien Bosco replied 1 year ago.

Hello. My name is***** am an attorney. I will review your question. I may need to clarify facts first. I will answer & we can discuss issues.

Expert:  Damien Bosco replied 1 year ago.

If you have had a chance to review the irrevocable trust that would be a good idea. The terms usually spell out when a beneficiary can obtain a distribution. Sometimes the trustee has discretionary powers to distribute moneys for purposes. A trustee may be able to distribute some of the money for a business venture. We can discuss more if you would like to do so.

Expert:  Damien Bosco replied 1 year ago.

Hello again! Checking in to see if you need further help. Your satisfaction is my goal, and I'm happy to answer a related follow-up question you may have. If I have not answered your question completely or missed a question, please let me know and I will attempt to answer it. If you are satisfied with your answer, please provide a positive rating between 3 and 5 stars. Best regards.