[TUHS] Trust stuff, Re: Sad but not unexpected news about the LCM-L

[John Levine]

According to Larry McVoy <lm at mcvoy.com>:
>This is almost completely unrelated but somewhat in the "write your
>will/trust the right way". ...

>So I gave him my third but it is a pain in the butt.  You can only
>gift so much each year without a tax implication.  

Well, in principle, but unless you expect your estate to be over $10
million, you generally don't have to pay any gift tax. (If you do
expect your estate to be over $10M, you need a real tax expert, not
advice from random mailing lists.

>The point being that none of the trust people had ever heard of, or
>thought of, the idea that one of the kids would be willing to give
>up their share.

That's surprising. Every testamentary trust I've been involved with
had language that let the heirs disclaim all or part of their share. I
thought it was boilerplate. You are quite right that it's an important
thing to include.