My father always gifted us the max 12,000 each year for the last several years He was declining mentally so my sister and I set up an irrevo...

Question

My father always gifted us the max 12,000 each year for the last several years He was declining mentally so my sister and I set up an irrevocable trust of all his assets which is what he wanted to do. We are the trustees and have total control of the trust. He is now mentally incompetent. Can we continue to gift to ourselves each year?

Answer

Be careful about that. The fact that he gifted you each for several years does not mean that you can gift yourself from the trust. You probably can do it, but you really should have it reviewed by a lawyer (like the one who drew up the trust for you).