My deceased parents' living trust was divided into separate trusts for my siblings and me. I am sole trustee and current beneficiary of the one for me. The trust allows the trustee to gift from the trust to the current beneficiary's issue up to the annual gift exclusion (currently $15K). If I gift from trust funds $15K to my child, have I reached the exclusion limit for gifts from me to that child for the year? I.e., if from my own funds I give even a dollar more to that child, must I file a Form 709 gift tax return, or is the trust treated as a separate entity for gift tax purposes, allowing me to give $15K more from my own funds without triggering the filing requirement?
