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Recent Irrevocable Trust questions

Tax question - a property is held by a irrevocable trust.

Tax question - a property is held by a irrevocable trust. The trust holds the property for 20 years. The trust sells the property and distributes the money received to the trust beneficiaries.Do those benefeciaries need to take that as a capital gains on their income tax? Or is that a clever way to distribute the proceeds to avoid the money being considered income for other purposes, say child support calculations?

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,956 satisfied customers
If a person wish's to safeguard there finances by

if a person wish's to safeguard there finances by placing in a trust. is it wise to have an attorney as trustee as he technically would be the owner of the assets?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
Re: 2014 MA Form 2 - Fiduciary Income Tax Return Facts: 1.

Re: 2014 MA Form 2 - Fiduciary Income Tax Return Facts: 1. Complex Trust 2. 3 Beneficiaries 3. All Distributions of Principal & Interest are at Trustee's discretion 4. Trust Income comprised of Interest, Dividends & Capital Gains 5. 1041 Capital GainsTaxed at Trust Level 6. 2014 Distribution to Only 1 Beneficiary 7. Distribution Less than Total of Interest & Dividends, so 1041 K-1 reports only Interest & Dividends Questions Regarding MA Form 2 Reporting: 1. Does MA Trust Law follow the Fed, in that, CapitalGains are taxed at the Trust Level? 2. Schedule B/R - Beneficiary / Remainderman - For the 3 beneficiaries, how can this Form report Total Income, Percentage of Income & Percentage of Taxable Income, where Income & Principle Distributions can be made in anyamounts at anytime, to one or more beneficiaries and to the exclusion of one or more beneficiaries? 3. Should only the Distribution to the one beneficiary be reported as his Total Income? 4. Bottom of Form - Income Summary - Similar issues: Line 2 - Totalof Beneficiaries' Income - What amount should be reported here? Would it be only the Distribution to the one beneficiary? Line 2 - Total remaindermen's income - What amount should be reported here?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
Mom is alive but with dementia. Her house is in a trust and

Mom is alive but with dementia. Her house is in a trust and I just was given successor trustee rights so I can sell it to pay for her care. Question is, She lives in California in a care facility and I am out of state. On escrow paperwork, on the IRS formfor tax purposes, it wants the sellers name which I assume is the name of the trust, but then wants a mailing address. For tax reasons I want everything in California. Do I put the care facility address for her or a relative nearby? Or, do I put mine? Thebank where funds will be deposited will be set up in California.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
my name is***** have an elderlaw question concerning buying

Hi my name is***** have an elderlaw question concerning buying a house and having my 88 year old mother live with me. Her house is in a trust now. I have been told that it would be protected in a trust if she has to go into nursing home within 5 years. I wanted to sell it and have her live with us. I have been told we should not own the home- she should. Any insight?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
i transferred shares from an irrevocable trust to a personal

i transferred shares from an irrevocable trust to a personal account. do i pay taxes based on the original cost basis that the trust paid for the stocks or is the cost basis $0

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

3,956 satisfied customers
Taxpayer died before taking her irs dist. , is there

Taxpayer died before taking her irs dist. for 2014, is there a tax consequence for that? trustee is paying for father's nursing home expenses from his trust, The trust has no income, just monies that have been contributes to it. Can the father claim thenursing home expenses on his 1040 for 2014 and coming years? Thank You, Fred

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
Do I pay income/sales taxes on the sale of a property that

Do I pay income/sales taxes on the sale of a property that was in a irrevocable trust, I am not asking about property taxes..

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
My house is in an irrevocable trust. I have maxed out a $150,000

My house is in an irrevocable trust. I have maxed out a $150,000 line of credit. The draw period ends June 2015. Can I refinance the HELOC so I don't have to pay the principle and interest?Would it be better to withdraw from my IRA. I am 58 years old, so I know there would be penalties.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
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