"Shawshank Redemption" trust fund?

[Supposn]

"Shawshank Redemption" trust fund?

Is a trust fund described in the movie, "Shawshank Redemption" actually supported by IRS regulations? What NJ State forms must be filed to establish such a trust fund?
Respectfully, Supposn

 

[AProudLefty]

"Shawshank Redemption" trust fund?

Is a trust fund described in the movie, "Shawshank Redemption" actually supported by IRS regulations? What NJ State forms must be filed to establish such a trust fund?
Respectfully, Supposn

I don't know much about it but I looked it up. Apparently there's something called "federal gift tax".

https://www.nj.com/advice/2020/02/should-i-gift-my-assets-to-avoid-gift-and-estate-taxes.html

Hope it helps.

 

[AProudLefty]

Form 709.

https://www.irs.gov/pub/irs-pdf/f709.pdf