Yes, she's asked my opinion. I know the daughter and friend have figured out how to get money out of the trust. They set up a new bank account online and did a transfer. The money that was held in trust at Bank A went into Bank B into a joint account. Yep!Has the daughter asked for your help in making this decision?
It personally seems odd to me to have a friend handle all this on the daughter’s behalf, and I could see multiple ways it ends up causing medium to major problems by ceding control of a couple million dollars to someone else.
To the core question, the daughter (or friend) cannot decide to move assets out of the trust or terminate the trust while the parents are alive. I would hope the daughter would at least seek estate and tax guidance before asking her parents to do this.
Statistics: Posted by shelterinplace — Sat Dec 30, 2023 2:54 am — Replies 8 — Views 684