Is it possible for the government and the bank to take someone’s trust fund due to the acts of another?

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Is it possible for the government and the bank to take someone’s trust fund due to the acts of another?

My uncle left me a trust fund that was to be giving to me after I turned 18. However because of legal issues the account was seized. Now the bank and government have taken all of the money because of the money he owed them for tax evasion and they believe he made the money selling illegal software.

Asked on September 29, 2011 under Estate Planning, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Here is the thing: they are the IRS. The US government.  Their powers are quite far reaching. Although they can not access funds not owned by the debtor, the money in the Trust Fund might still have been considered his.   Now, the thing is that if your uncle still had access to the funds - if it was a revocable trust  or he could still withdraw and deposit - and you had yet to turn 18 the funds were not really yours yet.  So the government could seize them.  I think that the matter is worth looking in to by speaking with a tax attorney on the matter.  You would need to bring what ever documentation that you have available to you.  Good luck. 


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