Can my father redistribute his loyalties given to him from a will?
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.
Answered By: Asset Protection and Elder Law Center
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.
Answer Applies to: California
Replied: 7/19/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 7/19/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
More Questions on Tax
- Are there any tax consequences for depreciating an income property?(1/16/2012)
- How do I settle an employment discrimination suit without paying a lot of taxes?(11/9/2011)
- What can I do to get the refund from IRS?(11/9/2011)
- Do I need a Tax ID number to sell items if I am not registered as non-profit?(11/9/2011)
- How does marrying affect your taxes?(11/9/2011)
- Can a property of a deceased person be transferred before the IRS gets it?(10/17/2011)
- How much tax should I pay on a foreign currency exchange?(10/10/2011)
- Can I appeal a tax audit made by the IRS?(10/5/2011)
- Can I file a case against a Tax Cut program?(9/27/2011)
- Can someone claim my kids on their 2011 tax return, other than me?(9/27/2011)
- How can I resolve a lien on the estate?(9/27/2011)
- Is there a statute of limitations for unpaid tax?(9/17/2011)
- How can I reduce my monthly tax payment to the IRS?(9/17/2011)
- Would there be a way to get back the money I paid for the IRS for taxes?(9/17/2011)
- Would there be a way for me and my former husband share the tax that we owe?(9/17/2011)
- What should I do if the IRS wants to garnish pay from the company I sub contract for?(9/13/2011)
- What will happen if I go to court for claiming more than one dependent on my tax return?(9/12/2011)
- What can we do if there was a mistake on our tax form?(9/8/2011)
- What should I do if the IRS contacted me about a debt?(9/3/2011)
- How can I reduce my monthly payment on delinquent IRS taxes?(9/2/2011)
