[WSBAPT] GSTT and retained income

[susan at pepetersonlaw.com]

Listmates, I could use any and all thoughts about the following: HC has a
valuable (at least $10 million) piece of commercial property in another
state which is likely to continue to appreciate.  It is the main asset in
his estate and also currently generates significant income that he needs to
live on.  HC would like to place the property in a generation skipping trust
for his grandson, with benefits to his daughter while she lives, but he also
wants to retain the ability to receive the rental income from the property
during his own lifetime.  An additional goal is that he would like to
continue to be involved in the management of the commercial property-he
views this as taking the burden of management off the rest of the family as
they have no experience in the area and he doubts they are interested in
doing so anyway.  Is this the best way to achieve his goal of preserving his
exemption amount while continuing to have a steady income?  He also wants to
name his grandson as the trustee and is confident that the grandson will be
cooperative and "take care of him."

 

Susan E. Spuller

Attorney at Law

 

Law Office of Paulette Peterson, PLLC

710 Ericksen Ave NE, Suite 201

Bainbridge Island, WA 98110

206.855.9293

Fax: 206.678.0105

 

We are committed to providing you with ongoing excellent service while
protecting the health and safety of our clients and staff. Though we are
open and accepting in-person consultations, we also offer appointments via
telephone and videoconferencing. If you choose an in-person consultation,
please know that we are taking all recommended precautions to maintain a
healthy office environment. Regardless of how events evolve concerning
COVID-19, we will continue to provide outstanding service in a socially
responsible manner.

 

The information contained in this email is confidential and may also be
attorney-client privileged.  The information is intended only for the use of
the individual or entity to whom it is addressed.  If you are not the
intended recipient, or the employee or agent responsible for delivering it
to the intended recipient, you are hereby notified that any use,
dissemination, distribution or copying of this communication is strictly
prohibited.  If you have received this email in error, please immediately
notify me by replying to this email and delete the original.  Thank you.

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210305/0d4ab7c8/attachment.html>