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My parents had a revocable trust; they are both deceased
My parents had a revocable trust; they are both deceased now. The trustee is going to make the final distributions to us beneficiaries. The CPA says he needs my social security # ***** issue K-1s. 2 questions: What is a K-1? And why do I have to give my social.security #? Thank you.
Sr Financial & Tax Consultant
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.
Bachelor's Degree Equivalent
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?
JD, MBA, CFP, CRPS
A friend is beneficiary of a charitable remainder trust thatView more finance questions
A friend is beneficiary of a charitable remainder trust that her father set up many years ago. He died last year and she started to receive distributions. The college managing it sent her a tax form that allocates the distribution between income and capital gain, with most of it in capital gain. I think it should be a return of capital because since her father's death, the income and gain have been minimal. The college says the capital gain accumulated over the years and that they allocate first to income, then capital gain and last to return of capital. I'm wondering why there's any accumulated capital gain, considering that the father died recently. Wouldn't the estate tax procedures wipe out that capital gain at his death and reset the trust to market value?
JD, MBA, CFP, CRPS