So my husband and I just inherited a large sum of money. Backstory (long story short): husband’s grandfather died and husband was co-executor of the Trust... our attorney told us his grandfather’s trust would be divided into four sub-trusts (there are four heirs). My husband and second co-executor went to the bank to sign documents, etc. in order to access the funds of his grandfather’s trust. Each person now has their cut of the trust in the form of a check. Our lawyer told us to take our check and a copy of his grandfather’s trust to a bank and “they’ll know what to do”.
My question is: should we set up a trust and why? Are there tax shelters in doing this?
I’m totally at a loss and would like some direction as to what is most beneficial for our circumstances. I know we have to speak to a professional, but the bank staff don’t always seem to know the answers, so who should we contact?
Any advice is appreciated.
Submitted April 27, 2019 at 12:30PM by cmb9221 http://bit.ly/2XJq0BY
