My grandfather set up irrevocable trust funds for myself and the other grandchildren.

Asked almost 2 years ago - Grove City, OH

He has been putting a little of $56k per year into mine since I was 18, in 1996. I gain full access to it when I turn 35, which is less than a month away. Has it accrued interest, and how much should I expect to have in there now? How am I contacted about my access to it and what steps do I take from there? He has been pretty secretive about it, but we all know we have them. Do I owe any kind of taxes or fees regarding it once I have access to it? Thanks

Attorney answers (3)

  1. Justin Jay Watling

    Contributor Level 15

    3

    Lawyers agree

    Answered . Have you asked these questions of the Trustee? If you are a "current beneficiary" you are entitled to a copy of the Trust Agree ent. Have you requested a copy? If you have not received any distribution from the Trust during the last 18 years, then you might not be a current beneficiary.

    There is no way we can tell you the value of your share. An estimate is just over a million dollars, but that amount could be less if the Trust required distributions to others.

    You must consult with an experienced trusts attorney to determine how best to get answers to your questions from the right source.

  2. C L Huddleston III

    Pro

    Contributor Level 16

    2

    Lawyers agree

    Answered . It is a bit odd that he has never told you anything about your trust. As a matter of law, you are entitled to an accounting. If your grandfather is still living and has not wanted to share the information with you, it might not be politic of you to ask him, but I suppose you could say "Grandpa, I'm a bit nervous about the trust ... am I going to owe taxes that I need to prepare for?" You will not have any tax liability, but no one can really answer your question unless we have a copy of the trust and know what assets are in it. If you can get a copy of the trust, we would be glad to review it for you and let you know how it works.

    Mr. Huddleston is an Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Columbus... more
  3. Steven J. Fromm

    Contributor Level 20

    2

    Lawyers agree

    Answered . Mr Watling offers sound advice. Also, have you gotten K-1 beneficiary statements each year? If not you may not be a current income beneficiary. If there was current income, it may have been simply accumulated in the trust. The receipt of the monies from the trust would not be taxable except for any income distribution to you in the year of distribution. But you really, really need to get with an estate/trust/tax attorney immediately.

    LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... more

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