Skip to main content

Termination of trust for family beach cottage?

Richmond, VA |

My grandmother wants to put our family beach cottage in trust for the benefit of her 3 children and 6 grandchildren. She wants me to be trustee and handle scheduling, managing expenses, etc. What are some ways we build in a mechanism into the trust for it to terminate? Thanks!

Attorney Answers 2


  1. Trust and estate law, especially as it relates to grandchildren (potential consequences from Generation Skipping Transfer Taxes), is extremely complex and this is not something you should attempt to do yourself. I would strongly encourage you to contact a local attorney who is experienced in dealing with trusts. There are many ways to terminate the trust, but an improper set-up can result in disastrous tax consequences.

    NOTE: If you find this response helpful, please click on the “thumbs up” button at the bottom.

    DISCLAIMER: THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT A QUALIFIED ATTORNEY.


  2. You may also want to consult an attorney who is familiar with elder law reagrding Medicaid. If your grandmother ever needs to qualify for Medicaid benefits, a property transfer to a revocable trust could negatively effect her. Medicaid looks at all transfers for a five year period prior to application. Best of luck.

    Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.

Wills and estates topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics