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Recent Grantor Trust questions
As executor of an irrevocable grantor trust who was sole
As executor of an irrevocable grantor trust who was sole caregiver and living with my parent who passed 11mos ago, do I owe rent to my sister the other beneficiary of the trust for the 12 months I have resided in the residence while the affairs of the estate were being cleared to allow the sale of the house? I am purchasing the house but have been unable to open escrow until i recently received a settlement clearance from Medi-cal.
I am an executor and beneficiary of an irrevocable family
i am an executor and beneficiary of an irrevocable family grantor trust. My father passed last year. $100,000 in bank and a appraised at his death $295,000 home. I was his sole caregiver for the last three years and lived with him. I am preparing financials and estimate of estate distribution. When is the house valued? At time of death or at time of sale? It has been almost 1yr from his death. it has taken time to complete his financials and settlement with Medi-cal. I wish to remain in the house and purchase out my sister the only other beneficiary.JA: OK. To minimize me, please click the down arrow at the top right corner of this box. Handling a trust can seem complicated, but getting the right information now can only help. Because laws vary from state to state, could you tell me what state is this in? OK. To minimize me, please click the down arrow at the top right corner of this box. Have you consulted a lawyer yet?Customer: CaliforniaJA: Is there anything else the Estate Lawyer should be aware of?Customer: I have distributed $60,000 of the $100,000 to my sister. I may have a few more expenses. Final taxes for estate and personal need to be prepared.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Estate Lawyer about your situation and then connect you two.
My husband is a trustee with his brother on an irrevocable
My husband is a trustee with his brother on an irrevocable defective grantor trust. He has not seen any documents pertaining to the trust nor does he know what rights he has on this trust. My question is: Does he have any rights or responsibilities?
I was recently appointed trustee of my mother and
I was recently appointed trustee of my mother and father-in-law's irrevocable trust. They declined themselves as trustees as did the bank. Now it may not be a grantors trust anymore. Should I file tax returns for the trust separately? And that the trust is to be passed on to my wife at the death of her parents, does this interrupt any inheritance tax plans? The trust value is well under inheritance limitations.
Under a California Land Trust, if the Trustee failed to list
Under a California Land Trust, if the Trustee failed to list the beneficiaries, but the individuals were given a distribution of their share when the estate settled would it be correct to assume they are under no obligation to pay taxes for their share of the distribution and the Trustee would be responsible for all the taxes?
I want to setup a very basic trust fund kids.
I want to setup a very basic trust fund for my kids. Basically a brokerage account for my kids where they don't have direct access until they are 35 years of age or older (or earlier if they need a downpayment on a house for example). What are my best options? KISS Trust (I've heard mixed things)? (UTMA is not an option), I already have a 529 fund.
Have a grantor retained trust set up in 2013. The trust
Have a grantor retained trust set up in 2013. The trust agreement states the Income will be distributed to grantor throughout life time and from time to time principal. So if in 2013 and 2014 no income and there was a distribution, it had to be principal which would make it a complex trust for those years. If a simple trust was noted for those year, do we need to amend?Where do you put the actual distributions made to grantor on the 990.
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Second Opinion.. I am/will be the beneficiary of a trustView more estate law questions
Second Opinion.Hi. I am/will be the beneficiary of a trust (that is made up of land and equipment to run the farm) , it is 120 acres here in TN. My grandmother who is 95 currently owns it. She made it into two trust funds to avoid inheritance taxes about 3 years ago. She also owns another farm and that one is also in a trust going only to my father (her only child). The 120 acres is being left to us undivided 50% (so it is not split down the middle, my brother are co-beneficiaries, 50/50 over the entire 120 acres). My brother already lives out there now for the past 6 years or more rent free in my grandmother's old house and runs a pretty successful CSA farming business. The trust will be blood only , passing over spouses and going from generation (to my brother's children and mine). My father has been appointed trustee for both trusts (his own and our). My grandmother is 95 years old and been declared not competent by her doctor and now my father has control over all her finances. I know he cannot change her will (ALL the land is in her name and not the trust but upon her death it will transfer into the trusts). My father historically is not a very equal person. He is a nice Dad but allowed my brother to live out there rent free for years but me and my husband have to pay a lot to build a new house (we were gifted 5 acres from my grandmother just before she was declared not competent).I see many potential problems with this arrangement. First and foremost my brother's wife is very ambitious and wants to run all kinds of businesses on my family's land. Secondly, my husband and I do pretty well for ourselves financially and i feel they are all jealous of this so there is clear unequal treatment with my father always helping my brother more with anything concerning that land...but not helping me. In fact he is making it difficult for us to move out there (please keep in mind my father is only the trustee, not the beneficiary). I feel strongly now that I need a copy of this trust but not sure i have a right to see it before my grandmother passes. I want to know what it says so i can prepare myself for taxes, things to come. I have always done things the right and legal way however my father/brother sort of do things "off the grid" and I think to protect myself I need legal counsel. Do I have a right to get a copy of the trust at this point since she has been declared incompetent legally now? I am officially and legally the beneficiary of the land so i think i read somewhere that I do have a right to see the will and the trust. Let me know. I want to plan to deal with all of this in the coming next few years or even sooner. Thank you.