QUESTION
can i add language to my living trust that will account for unknown lifetime gifts
Asked on Apr 30th, 2021 on Estate Planning - Colorado
More details to this question:
i have a living trust that distributes assets equally to beneficiaries. i would like to make an unknown number of lifetime gifts of unknown amount to beneficiaries, while keeping track of the value of those gifts, and have the total value of each beneficiary's gifts subtracted from their ultimate estate share at trust distribution time. basically, i want to have the total of lifetime gifts and remaining estate assets divided evenly between beneficiaries.
1 ANSWER
2 Awards
You can amend the trust to so provide. To make sure that the amendment is done correctly and does not lead to lawsuits after you are gone, ask an experienced trust and estates lawyer to help you and keep a complete, dated and signed list with a copy someplace safe so that it cannot later be altered by someone else.
Answered on May 01st, 2021 at 5:46 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.