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Recent Irrevocable Trust questions

A wife sets up an irrevocable trust for the couple's

A wife sets up an irrevocable trust for the couple's children with funds previously given to her by her husband.Can her husband be a trustee of that trust, and if so, are there possibly undesirable tax consequences to him becoming a trustee, with respect especially to eventual estate taxes on his estate?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

11,032 satisfied customers
For.. It's. We spoke about 3 months ago. I would like to ask

For ***** *****.Hi mark. It's Robert. We spoke about 3 months ago.I would like to ask you the following:If my dad were to sell a home in N YC for 475 k that he originally paid 50k for and he doesn't live in the home, he would pay about 25% to the government, right?Now, if he transfers the home to me first and I have been living in the home as a primary residence, would this be the way to go instead? He now has the home in a trust. If he sells it and puts the money in a trust account, does he not have to pay tax? Thank you....

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Mark Taylor

Certified Public Accountant

Masters

3,376 satisfied customers
The Irrevocable Trust, located in State, bought and later

The Irrevocable Trust, located in Washington State, bought and later sold the vacant land. Profit is 37K (but not included expenses like Escro or Agents commission). Do we need to pay to government? How could we minimize this payment?

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Megan C

Master's Degree

30,026 satisfied customers
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

4,188 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

21,570 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

11,032 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

25,404 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

21,570 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

4,188 satisfied customers
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