Can I leave half of my estate to one son out right and put the other half in a trust for my other son?
3 Answers | Asked in Estate Planning Law for Pennsylvania on Oct 26, 2013.
Answered On Nov 1, 2013
Yes, you can add a testamentary trust to your will and provide that Son A gets his inheritance outright but Son B's share will be put in a trust and the income and principal doled out t him by the trustee as specified in the terms. Please do not try to do this yourself by using forms from the internet which may or may not be what you need. Many of these are incorrect or designed for particular simple estates and what you propose takes you out of the realm of a simple estate.
Answered On Nov 15, 2013
Yes. One half now would be a present gift for which you may have to file a gift tax return, and the other half will be placed in a trust with its own terms. Consult an estate planning lawyer. Good luck.
Answered On Dec 17, 2013
You may also put funds into a revocable living trust now. Placing funds into a trust now may decrease the likelihood of a successful contesting of this designation later. Depending on your income and the value of the estate, you may benefit from placing funds into a non revocable trust.