DLA In The News

Irrevocable Grantor Trust: Advice On Handling A Pay Out

(c) 2008 Newsday. Reprinted by Permission
ASK THE EXPERT
KAREN E. KLEIN

The problem: I’m the trustee of an “irrevocable grantor trust” created a year ago by my father-in-law with his two daughters as beneficiaries. Circumstances have changed and we’re considering paying out the trust principal and having the beneficiaries gift the entire amount back to my father-in-law. Is this legal? What about taxes?

The expert: Bridget T. Faldetta, estate planning attorney, DePinto Law Associates, P.C.

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Tags: Irrevocable Grantor Trust, pay out, handling a payout