Can my father redistribute his loyalties given to him from a will?

Asked on Jul 14th, 2011 on Taxation - Georgia
More details to this question:
Can he set up a fund to distribute it? What is the best tax benefit? He inherited the rights from my mom per her will. My siblings and I are to inherit it once my dad has passed, however he wants to distribute it to us now.
no peer reviews
no client reviews
Answered on Jul 20th, 2011 at 10:52 AM
It depends on the language in the Will/Trust. It is likely that he can however you cannot say exactly unless you read the actual Will itself.

Report Abuse
Answered on Jul 19th, 2011 at 1:49 PM
You father cannot redistribute them, unless everyone agrees. He probably can assign his interest or do a disclaimer so that they go to his kids or other beneficiaries. Disclaimers are often the best option, but are difficult to explain and understand and are case specific. You father should contact a Florida Estate Planning Lawyer to discuss your is options and the tax consequences of each. If he needs help and is not represented I would be happy to talk with him.

Report Abuse
  • 4.4/5.0
  • 0
  • 1
no client reviews
BV Distinguished
Answered on Jul 19th, 2011 at 12:00 PM
There is no such thing as a "loyalty." As for giving property during life there are considerations as to gift tax, Medicaid look backs and other details that should be discussed with a lawyer.

Report Abuse

Ask a Lawyer

Lawyers from our extensive network are ready to answer your question.

0 out of 150 characters