<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=us-ascii">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:"Book Antiqua";
panose-1:2 4 6 2 5 3 5 3 3 4;}
@font-face
{font-family:"Script MT Bold";
panose-1:3 4 6 2 4 6 7 8 9 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;
mso-ligatures:standardcontextual;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri",sans-serif;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="#0563C1" vlink="#954F72" style="word-wrap:break-word">
<div class="WordSection1">
<p class="MsoNormal">Hi everyone,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Trust language says, “After the death of the Grantor and Grantor’s spouse, the Trustee shall distribute the net income of the Family Trust equally to the surviving children of the Grantor.” The principal continues to be held in Trust.
If assets are sold which have capital gains, does that capital gains income need to be paid out to the Grantor’s children? There is no definition of “income” in the Trust. I cannot find any case law on point, which is surprising because I would think this
issue would come up all the time for Credit Shelter/QTIP trusts.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thank you!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="108%" style="width:108.58%;margin-left:-4.5pt;border-collapse:collapse">
<tbody>
<tr style="height:47.25pt">
<td width="100%" valign="top" style="width:100.0%;padding:0in 5.4pt 0in 5.4pt;height:47.25pt">
<p class="MsoNormal" style="margin-left:-5.25pt;text-autospace:none"><span style="font-size:16.0pt;font-family:"Script MT Bold";color:black">Rebecca King</span><span style="font-size:12.0pt"> </span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt;text-autospace:none"><span style="font-family:"Book Antiqua",serif;color:black">Attorney </span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt;text-autospace:none"> <o:p></o:p></p>
</td>
</tr>
<tr style="height:.75in">
<td width="100%" valign="top" style="width:100.0%;padding:0in 5.4pt 0in 5.4pt;height:.75in">
<p class="MsoNormal" style="margin-left:-5.25pt"><b><span style="font-size:12.0pt;font-family:"Book Antiqua",serif">Northwest Elder Law Group</span></b><b><span style="font-family:"Book Antiqua",serif"> </span></b><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt"><span style="font-family:"Book Antiqua",serif">2150 N. 107<sup>th
</sup>Street, Suite 501 </span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt"><span style="font-family:"Book Antiqua",serif">Seattle, WA 98133 </span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt"><span style="font-family:"Book Antiqua",serif">Main: (206) 937-6102 </span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt"><span style="font-family:"Book Antiqua",serif">Direct Line and Fax: (206) 866-6544 </span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt"><span style="font-family:"Book Antiqua",serif">www.nwelg.com </span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt"><span style="font-family:"Book Antiqua",serif"> </span><o:p></o:p></p>
<p class="MsoNormal" style="margin-left:-5.25pt;background:white"><b><i><span style="font-size:12.0pt;font-family:"Book Antiqua",serif;color:black">Recognized for Providing Services in Elder Law</span></i></b><b><span style="font-size:12.0pt;color:#201F1E"> </span></b><o:p></o:p></p>
<p class="MsoNormal" style="background:white"><span style="font-size:8.0pt;color:black"> </span><o:p></o:p></p>
</td>
</tr>
<tr style="height:66.15pt">
<td width="100%" valign="top" style="width:100.0%;padding:0in 5.4pt 0in 5.4pt;height:66.15pt">
<p class="MsoNormal" style="background:white"><span style="font-family:"Book Antiqua",serif;color:black"><img width="152" height="152" style="width:1.5833in;height:1.5833in" id="Picture_x0020_1" src="cid:image001.png@01DA4535.B9A82A40" alt="A black circle with a city skyline and text
Description automatically generated"></span><span style="font-size:2.0pt;font-family:"Book Antiqua",serif;color:black"> </span><o:p></o:p></p>
<p class="MsoNormal" style="background:white"><span style="font-size:8.0pt;font-family:"Book Antiqua",serif;color:black"> </span><o:p></o:p></p>
</td>
</tr>
<tr style="height:66.15pt">
<td width="100%" valign="top" style="width:100.0%;padding:0in 5.4pt 0in 5.4pt;height:66.15pt">
<p class="MsoNormal" style="margin-left:-5.25pt;background:white"><span style="font-family:"Book Antiqua",serif;color:black">CONFIDENTIALITY NOTICE: This e-mail message, including any attachments, is for the sole use of the intended recipient(s) and may contain
confidential and privileged information protected by law. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message.</span><span style="color:black"> </span><o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;color:#5B9BD5"> </span></b><o:p></o:p></p>
</td>
</tr>
</tbody>
</table>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
</body>
</html>