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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3991
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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UTAH My mother lives in Ogden Utah . My father passed away

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UTAH My mother lives in Ogden Utah . My father passed away about 11 years ago, and left my mother a house and a partial of 5 acres, which was part of my grandfathers farm. I am to inherit the land and my younger brother the house. My mom is 73 years old ,living at the house by herself and living on a fixed income of about 650 a month. She put the property in a trust, and I am the trustee....I don't know what that means while she is living BUT to get to my question , she has been paying the annual taxes, but this year the taxes went from a total of 2000 to 3000 dollars and she does not have the money I am now planning on paying the taxes. With the property in a trust does it still qualify for a break because of my mothers low income?
Submitted: 10 months ago.
Category: Tax
Expert:  Lane replied 10 months ago.

Lane :

Hi,

Customer:

Hi

Lane :

If this is a revocable trust basicaly will replacement

Lane :

?

Customer:

I don't know I don't think it is a revocable trust

Lane :

just a sec

Lane :

OK

Lane :

If you haven't had to do a tx return for th trust itself then it is revocable

Lane :

as such You'r ,pother is still really the wner AND because she lives thene should get the homestead exemption of whatever has been giving the break

Lane :

sorry for the typos (your mother...)

Lane :

WHen was it put in trust and why? (that will tell us something)

Customer:

Just called my brother and he thinks it is a revocable trust.

Lane :

That's very likely

Lane :

SO yes, this is called a passthorugh ... which means...

Lane :

That all taxes flow t hrough to her, and the trust isn't treated as a separate taxable entity with it's own tax return and taxes

Lane :

WHich, in turn, means that nothing has really changed... IF she is getting abreak for low income, that will continue

Customer:

Ok she hasn't ever apply for the break , and it now seems like that is a great idea, can I contact the state on her behalf as I am listed as the contact person for her SSI income

Lane :

yes .. Most revocable living trusts are basically will replacements that keep the estate from having to go through probate, keeps things private, no probate costs, etc.

Lane :

The state/count MAY want to you to get a limited power of attorney signed ... they will usually have a form

Customer:

Ok

Lane :

sorry county, or municipality charging the tax ... may have form ... but sinc you are on the other accounts/documents, they may not ... that would be the wort case scenario... haveiing to get her to sign a little form for you to do that for her

Customer:

Thank you . I think that is it . well done

Lane :

Thank much ,,, I would just call, GET A NAME, and they may tell you you can do it all a give you the process.... Then go back to that person to submit

Lane :

f this has helped, I would appreciate a feedback rating of 3 (OK) or better (excellent, is ideal)… That's the only I get credit for the work.


However, if you need more on this, please come back here, so you won't be charged for another question.

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3991
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 5 other Tax Specialists are ready to help you
Expert:  Lane replied 10 months ago.

Thanks much Lester.

If I can help again, let me know.

If you'd like to ask for me just go here: Lane


Thanks again!
Lane
Customer: replied 10 months ago.

Are you available?

Expert:  Lane replied 10 months ago.
Yes ... Sorry just walked out of a meeting here now
Customer: replied 10 months ago.

I posted a new question . copy and paste follows


You just answered a question for me reference to my mother in Utah. My next concern is if we apply for this property tax break can this affect her SSI, SSI supplement income? after talking with my brother he said mom had chosen not to apply for this in previous years because it might affect her income. My brother confirmed the income of mom to be about 670 a month.

Expert:  Lane replied 10 months ago.
No it is not considered as income for SSI or SSDI purposes.

Only EARNED income is looked at there.

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 3991
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 5 other Tax Specialists are ready to help you
Expert:  Lane replied 10 months ago.


Sorry Lester had to answer that on on the fly... but that IS the gist if it.

Passive income like interest, dividends, even rental income (and certainly a break on a cost) will not hurt at all.

Thanks for the rating.

Lane

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