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ESQ21A

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  1. Thanks very much to both. It seems there are a lot of variables which could be introduced into such a trust arrangement. I will simply ask for the document and hope for the best. Esq.
  2. Greetings: I am one of four named beneficiaries of what is, I think, at least colloquially known as a "Generation Skipping Tax" trust or sometimes "Generation Skipping Transfer Tax" trust (I'll call the trust a "GSTT"). My grandmother, who died well over a decade ago, established the trust in the late 1990s. The purpose of the GSTT is to provide income to the settlor's children (in this case, my mom and her brother) during their lifetimes then the corpus would pass to my cousins and me in a fairly tax-advantaged way. I actually started my legal career as a summer associate working on Trusts & Estates matters, but have since had little to do with this interesting area of the law, and really know very little about GSTTs. My questions include: 1) Do I, as a beneficiary, have the _right_ to see the trust instrument? It would certainly be useful to have a glimpse in order to be best situated when the prior generation, who are now both in their 80s, is extinguished. It is not altogether clear to me why the document hasn't been provided to me in the three decades since the GSTT was settled, so I am not sure what the reaction would be if I simply asked. 2) Do I, as a beneficiary, have any _right_ to see how the corpus of the trust has been managed? By this I mean, can I demand (if you will) as of right to see statements detailing the assets of the trust? I mean, does such a right exist in the law, as I do not know what the document says yet. Finally, how are these things generally structured, in your experience? Is it typical for them to provide that the grantor's children will determine the distribution of assets on their (the grantor's children) deaths? I am not sure how much of GSTT structuring is bespoke and how much is established either by the strictures of the IRC or precedent. Predictably, I would simply assume if my mom predeceases my uncle, he would, without hesitation, provide for the disposition of the trust's assets to his children, not me. Surely GSTTs would not typically come with such an obvious flaw. Is it more common for the grantor to (or does the grantor always) establish the distribution of the GSTT's assets upon the demise of the children? I note that a common question on this forum runs along the lines of "if you don't have the trust instrument, how do you know you are a beneficiary?" I was sent a letter in, as I say, the 1990s from my grandmother's attorney stating that an irrevocable GSTT, of which I was a beneficiary, had been created and funded in $XX amount by my grandmother, and the assets had been entrusted to XYZ Trust Company. My parents, too, have made the odd mention of it over the years. Thanks. ESQ
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