If I was giftedproperty that was listed in a trust, mustI pay the beneficiaries for its value?
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If I was giftedproperty that was listed in a trust, mustI pay the beneficiaries for its value?
I was the primary caregiver to my parents for the last 2 years of their lives. They originally had their automobile in their living trust, but gifted the auto to me 9 months prior to their deaths. Can I be made to pay the other beneficiaries for the value of the car?
Asked on July 15, 2011 under Estate Planning, Ohio
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your loss. You need to seek advice from someone in your area that can read the trust document in conjunction with the laws in your state. Generally speaking, if the trust property is no longer in the trust when the creators (also called trust settlors) pass away, and as long as the reasons are not fraud or undue influence or any reason that would raise a question as the the transaction, then it is just no longer part of the trust, If the settlors - your parents - chose to gift a trust asset prior to their death they have every right so long as they remained in control of the trust assets. So get help. Good luck.
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