Q: Income from a partnership
My father owns a building in Manhattan that generates monthly income. Twenty years ago, he and my mother created a trust that left, upon their death, their shares of the building to their grandchildren. My brother and I, under the trust, are to receive income from the shares until our death. Now, my father is divorced and remarried. He wants to leave to his new wife, upon his death, the income distribution of his shares in the building until her death. My question: Can my father leave income from shares to his wife when the actual shares, under the trust, are left to his grandchildren?
A: It depends on the type of trust it is and what the trust document says. It's hard to answer your question otherwise. If it is a revocable trust he likely can do whatever he wants
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