Q: Can some one explain this?
In determining the cash on hand for a trust, the bank has $66k, together with payment of $33k made by said person/beneficiary, is $99k to be divided in 3 equal shares, = $33k per beneficiary. Then the $33k is subtracted from the beneficiary share? How is that?
A: To give you an accurate answer an attorney would need a lot more information. However, based on what you have written it sounds like one beneficiary owes the Trust $33,000 and the Trust bank account holds $66,000. Since the Trust is evidently to be split in three equal shares, the beneficiary who owes the Trust $33,000 would get 1/3 of that payment back as a distribution. $66,000 divided by 3 = $22,000. $33,000 divided by 3 = $11,000. Each beneficiary should receive $33,000.
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