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

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. 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. 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 and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net , his website is www.sjfpc.com. and his blog is <http://frommtaxes.wordpress.com/> Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received. By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question. Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.


  3. 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 and Dayton, serving client families and private business owners throughout Ohio. He may be contacted directly by phone toll-free at 888.488.7878 or by email CLH@HUDDLAW.COM. Mr. Huddleston responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but his responses are not legal advice and do not create an attorney-client relationship.

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