Legal Question in Wills and Trusts in California
My mother passed and I've distributed her estate and closed the estate trust, however my mother is also a beneficiary of her father's trust, but it states that if his children are deceased then her share goes to her children, do we need to have my grandfathers trust changed to list our names instead of my mothers or can it just read as is? We would be taxed on my grandfather's estate trust?
Thank you.
Jackie
1 Answer from Attorneys
Dear Jackie,
It is not necessary for your grandfather to amend his trust unless he wants your mom's share to go to someone other than her children. The tax question is a little complicated right now. Under current law, there is no estate tax or generation-skipping tax on estates of people who die in 2010 and the exemption from estate tax and GST will revert to $1 million next year, but the law may change soon. If the value of the assets passing to "skip" persons (in this case grandchildren) is under $1 M, it is very likely that you do not have to worry about estate tax or GST. If it's more than that, your grandfather should be able to afford a lawyer to help minimize these taxes!
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