Ohio  |  Wills and Trusts

Legal Question

Asked on: 8/17/01, 9:54 am

Change or cancel irrevocable trust

I put 4 million dollars in my 4 adult children's names in irrevocable trusts. This was 12 years ago. I have since changed my mind. I would like that money to pay taxes after my death. If the children are willing to sign, now, something relinquishing the money or trust is this possible? Is there anyway I can have this money be made to be placed somewhere to pay taxes instead of being distributed to the children. Can I pay the taxes on the 4 mil. and cancel it? Can I transfer it to a corporation? I know irrevocable means just that, but there has to be someway around this. I have spoken with counsel and I am always told there is nothing that can be done. I would appreciate any suggestions. Thanks

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