Apr 28, 2005 #1 M mshermie New Member My mother has insisted on breaking up a family trust she started 9 years ago so that her children can enjoy the money now. It is approximately $30.000.00 each. Will this amount be taxable over the normal monetary gift allowed in one year?
My mother has insisted on breaking up a family trust she started 9 years ago so that her children can enjoy the money now. It is approximately $30.000.00 each. Will this amount be taxable over the normal monetary gift allowed in one year?
Jun 7, 2005 #2 K KYlegal New Member Trust breaking What are the first steps which need to be taken in order to break a family trust.
