26 Jun
2024
26 Jun
'24
9:34 a.m.
According to Larry McVoy <lm(a)mcvoy.com>:
This is almost completely unrelated but somewhat in the
"write your
will/trust the right way". ...
So I gave him my third but it is a pain in the butt.
You can only
gift so much each year without a tax implication.
Well, in principle, but unless you expect your estate to be over $10
million, you generally don't have to pay any gift tax. (If you do
expect your estate to be over $10M, you need a real tax expert, not
advice from random mailing lists.
The point being that none of the trust people had ever
heard of, or
thought of, the idea that one of the kids would be willing to give
up their share.
That's surprising. Every testamentary trust I've been involved with
had language that let the heirs disclaim all or part of their share. I
thought it was boilerplate. You are quite right that it's an important
thing to include.