Jump to content

luiluiely

Members
  • Content Count

    12
  • Joined

  • Last visited

    Never
  1. Question about DISTRIBUTION OF RESIDUE OF TRUST ESTATE when gifts and equalizing gifts are involved:After a parent passes on, are gifts that are free of trust (as in the examples below A-D,) given to the children without calculating them into the equal distribution of the residue of the trust estate; whereas money given to child C referred to as an equalizing gift (as in E in the example below) is to be considered part of Child C’s 1/3 share already given? If so, would you take that same amount out of the residue for Child A and also the same amount for Child B, before dividing the remainder of the residue until 3 equal parts? Or do you theoretically add back the amount child A received, and then divide by three, and after that subtract from Child A the amount already received? ARTICLE VIII SPECIFIC DISTRIBUTIONS FROM TRUST After my death: A. Gift to Child A I instruct my Trustee to distribute, free of trust, my Lenox dishes and any automobile that I own to my child A. B. Gift to Child B. I instruct my Trustee to distribute, free of trust, my Towle Old Master Silverware and all jewelry to my child B. C. Gift to Child CI instruct my trustee to distribute, free of trust, my dining room set to my stepchild C. D. Gift to Grandchildren. I instruct my Trustee to distribute to each of my grandchildren, except as set forth herein, $____ cash, free of trust. E. Equalizing Gifts. I instruct my Trustee to distribute to my children such sums necessary to equalize my gifts to them (with no adjustment for the time value of money) that I have made to them in my lifetime from 2007 forward. As of the writing of this Trust, I have gifted to child C, and spouse, $______in 2007. I have a note receivable from them for $______as of 2007. At this time, I intend to forgive the $____ promissory note in 2008…. Both the $____ in 2007 and the remaining promissory note of $____ (after it has been forgiven) shall be considered "gifts" to my Child C for the purposes of my Trustee's equalizing calculation under this paragraph. ARTICLE IX DISTRIBUTION OF RESIDUE OF TRUST ESTATE A. To Children If Living. My Trustee shall administer and distribute the remaining residue of my trust estate, if any, for the benefit of my children and other lineal descendants as follows: 1. Distributions to Children. My Trustee shall divide my remaining trust estate into three equal shares, one for each of my children who survive me …..
  2. OK Here goes. State is Oregon Question about DISTRIBUTION OF RESIDUE OF TRUST ESTATE when gifts and equalizing gifts are involved:After a parent passes on, are gifts that are free of trust (as in the examples below A-D,) given to the children without calculating them into the equal distribution of the residue of the trust estate; whereas money given to child C referred to as an equalizing gift (as in E in the example below) is to be considered part of Child C’s 1/3 share already given? If so, would you take that same amount out of the residue for Child A and also the same amount for Child B, before dividing the remainder of the residue until 3 equal parts? Or do you theoretically add back the amount child A received, and then divide by three, and after that subtract from Child A the amount already received? ARTICLE VIII SPECIFIC DISTRIBUTIONS FROM TRUST After my death: A. Gift to Child A I instruct my Trustee to distribute, free of trust, my Lenox dishes and any automobile that I own to my child A. B. Gift to Child B. I instruct my Trustee to distribute, free of trust, my Towle Old Master Silverware and all jewelry to my child B. C. Gift to Child CI instruct my trustee to distribute, free of trust, my dining room set to my stepchild C. D. Gift to Grandchildren. I instruct my Trustee to distribute to each of my grandchildren, except as set forth herein, $____ cash, free of trust. E. Equalizing Gifts. I instruct my Trustee to distribute to my children such sums necessary to equalize my gifts to them (with no adjustment for the time value of money) that I have made to them in my lifetime from 2007 forward. As of the writing of this Trust, I have gifted to child C, and spouse, $______in 2007. I have a note receivable from them for $______as of 2007. At this time, I intend to forgive the $____ promissory note in 2008…. Both the $____ in 2007 and the remaining promissory note of $____ (after it has been forgiven) shall be considered "gifts" to my Child C for the purposes of my Trustee's equalizing calculation under this paragraph. ARTICLE IX DISTRIBUTION OF RESIDUE OF TRUST ESTATE A. To Children If Living. My Trustee shall administer and distribute the remaining residue of my trust estate, if any, for the benefit of my children and other lineal descendants as follows: 1. Distributions to Children. My Trustee shall divide my remaining trust estate into three equal shares, one for each of my children who survive me …..
  3. First, this is drawn up in the state of Oregon. I don't know if that matters. This phrase "free of trust" is on page 7 under ARTICLE VIII, SPECIFIC DISTRIBUTIONS FROM TRUST, and states, "After my death: A. Gift to . I instruct my Trustee to distribute, free of trust, my ......and.......to my son, ....... That is the context in which it is used.
  4. In a revocable trust, what does the phrase "free of trust" signify?
  5. ...[Message truncated]
×
×
  • Create New...