Canearly disbursements be factored into a final trust distribution?

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Canearly disbursements be factored into a final trust distribution?

Grandparents set up intervivos living trust in CA in 1991 with approximately $1,000,000 in assets. Trust was supposed to be split into decedent and survivor portions, but that never happened. Upon both grandparents’ death it was to be split 4 ways between myself, sibling, uncle and mother. Grandfather died 1992, but grandma didn’t want grandkids to get anything, so she gave mom and uncle approximately 500,000 each over the past 20 years in interest and principal so there would be little left for grandkids. Wrote grandkids out of her survivor portion in 2002. She died with $600,000 left in trust. What next?

Asked on May 25, 2011 under Estate Planning, Washington

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am unsure what you mean by "be factored in" here.  Do you mean that you want to include the money that was given during her lifetime to her children when distributing the funds that remain in the trust thereby reducing the amount Mom and Uncle receive in the end? Generally speaking, if the trust allowed for invasion as she did and for her to use the funds as she wanted then no, you have what you have that is left.  What will govern here are the terms of the trust but even "irrevocable trusts" can be gotten around by transferring the assets that fund the trust via another trust, etc.  Seek help from an attorney in the area who can look at the document in light of the law.  Good luck. 


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