Where there is a (last) Will (and testament), there is a way. Without this most crucial of documents, unfortunately, not only is there a no absolutely clear way for settling an Estate, things can get downright wayward.
Some years ago, you transferred your farm to your family trust. The trust didn’t have any money to pay you for it, so you loaned the money to the trust. You have been forgiving $27,000 of the loan each year to avoid gift duty, but now that gift duty has been abolished, you are wondering whether you should forgive the whole of the remaining debt in one go?
