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Investors & landlords
In reply to your questions:
Yes as previously mentioned the trustee and beneficiary is the same person,
The cash gift from the beneficiary would be gifting the trust via personal funds.
The gift is to provide the trust with additional funds to help pay expenses for rental property the trust owns, which has had issues being rented , thus making the trust sort of a property rich but not as cash rich to pay for expenses of maintaining property owned by it ?
With this said can you clarify and confirm are you saying in your previous response a person who is both a trustee and beneficiary of a irrevocable trust is NOT allowed to make gifts to that same trust?
Thank you
‎April 26, 2024
11:50 AM