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Question re shifting assets to children



merle@wnt.sas.com
8/5/2003 12:34:18 PM


If an elderly person in North Carolina has amassed a decent amount of
money and stored it in a revocable living trust, but is facing severe
medical debilitation and might be put on life support against his
wishes, is there a way for him to shift his trust to his children?
Does this qualify as a "bypass" trust? Also, what are the tax
consequences of doing something like this? He gave his children and
grandchildren yearly gifts of $10,000, but is worried that if he is
put on life support against his will, that the money will all go to a
hospital and not to his children. Thanks for any advice you can give.
 
 
"tomG"
8/5/2003 8:43:38 PM




"Tish Wolfe" <tishwolfe@hotmail.com> wrote in message
news:eeUXa.51162$It4.28440@rwcrnsc51.ops.asp.att.net...



<merle@wnt.sas.com> wrote in message
news:rsmvivg2nnm0nsprp5g4tkfo7tgmnjpavp@4ax.com...

What's more important -- ensuring that he is not put on life support
against
his will or ensuring that his money goes to his children and not to
medical
care?
For the first, he should get a living will, and make sure that he and his
children all have copies, so that there will be no question about his
wishes
(or if there is a question, it can be readily answered). There is info
specifically for North Carolina at
http://www.ces.ncsu.edu/depts/fcs/frm/pubs/fcs364.html
 
 
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