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Recent Taxable Estate questions

Lane, (following the laws) I wish to be the Trustee and one

Lane,(following the laws) I wish to be the Trustee and one of the beneficiaries of an Irrevokable Trust that is the Shareholder of the C Corp. previously discussed.I am aware I can not be the "Grantor, Creator or Trustor" and Trustee.I have business friends, and one family member who is sophisticated in business. Can I have one of them be the Grantor, appointing me as Trustee and beneficiary?On the surface this smells, what is to stop someone from getting a bum from under the bridge to be the Trustor? The substance over form issue...So, what are the guidelines, safe harbor to safely achieve this?RegardsSam

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

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If my wife passes away and leaves me with $140,000 dollars

If my wife passes away and leaves me with $140,000 dollars is it taxable as an inheritance or what?

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PDtax

Owner

Master's Degree

6,866 satisfied customers
Do I need to file taxes Stepfather's estate that is

Do I need to file taxes for my Stepfather's estate that is in Probate right now? He died last year in 2015, April. The estate was solely made up of 15K in cash from his bank account and 140K in mutual fund shares redeemed. Can I do this myself using tax software? I see that the one I use has an option for doing so.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,252 satisfied customers
My question is about how to determine the basis or stepped-up

My question is about how to determine the basis or stepped-up basis of a property sold in Sri Lanka that had multiple owners and multiple people who inherited the property.?• My father and two uncles owned equal share of an unpartitioned property with a large house in Sri Lanka that they and my two aunts lived in since birth.• In 2000 one of my uncles, Mr. K, died and left equal shares of his 1/3rd of the property to each my Aunts with life interest. One of my aunts, Ms. Zora died in 2004 and left her shares to my two sons and a nephew, the probate was completed in 2014.• In 2005 my dad passed away and I inherited half of his shares, i.e., 1/6th of the property.• In 2012 my other uncle, Mr. H, passed away and I inherited 1/5th of his shares, i.e., 1/15th of his total shares. This uncle stipulated in his will that his share of the house has life interest of my remaining aunt Ms. Zaneb, who also had life interest in her will.• Dec 2014, Ms. Zaneb, the last survivor passes away. This resulted in the house being able to be sold and shared disseminated to a total of 7 individuals who were in the various wills. However, neither my sons or I were in Ms. Zaneb's will.• In July 2015, the property was sold and all 7 beneficiaries received the money from the sale.In short, my two sons inherited their shares in 2004 and I received shares in 2005 and 2012. How should we work out the stepped-up basis? Does the death of my aunt, Ms. Zaneb, who had life interest from both my uncle, Mr. H's will and her own will even though my sons and I did not inherit any share from her? Are there any treaties between US and Sri Lanka that affect the taxes declared in the US?Iqbal

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Anne

Master Tax Preparer

3,138 satisfied customers
WE are non USA citizens and hold Resident Alien status. Our

WE are non USA citizens and hold Resident Alien status. Our objective is to be US citizens after obtaining residency status in 2019.Our current Wills (drafted in 2000) require Family Trusts and a QDOT upon the death of the first spouse.Question !. has the law changed since 2000 regarding non citizen estate tax.Question 2. Understand current estate tax deduction is $5.45 million. Does this include global assets and does it include property,cash, securities and personal property.Question 3. Should we have a separate UK will.If we place less than 5.45 million in a Family trust are we subject to Estate tax on the difference between assets in Q2 and say $4 million.Question 4.If first death is before 2019, and surviving spouse obtains US citizenship is the Family Trust Will annulled.Question 5. Upon death of the surviving spouse a Childs Trust is formed. In our current summary chart of the present Will it shows that that there is no tax burden on the Family Trust whereas the remaining assets will attract estate taxes. I need this explained.Question 6. Do trustees and electors have to be US citizens (Note that our children are US citizens)Question 7. The Family Trust - how does it work? How does the survive spouse take distributions from the Trust for general living, medical and travel expenses.Question 8. Is a Fudiciary required and please explain his role and responsibilities.Question 9. Is a bank involved as a Trustee or Fudiciary.Question 10. Which distribution from the Family Trust by the surviving spouse are reported as income on a tax returnQuestion 11. After the death of the surviving spouse - how does the Childs Trust work?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
A new york state estate income tax return (NY 205) JA: Thanks.

a new york state estate income tax return (NY 205)JA: Thanks. Can you give me any more details about your issue?Customer: sure. the estate did not file a federal 706 as gross estate was only 3.4 million. however a ny 706 was filed and 184000 in estate tax was paid i want to know if that 184000 can be deducted on the ny 205 or at least the portion that is related to IRDJA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
My mother would like to give each of her 4 children a gift

My mother would like to give each of her 4 children a gift of $25000 to honor my deceased dad's wishes. He has been deceased since Dec, 2007. Are there any specifics she needs to know about prior to making monetary gift. She is 83 years old and in failing health. I am on all her accounts as joint owner, therefore I will not take the $25000 until after estate has been probated. I agree with her to gift, she will still have adequate monies for care, housings, insurances, medication, etc. The gift amounts will not cause any problems other than your answers if there are issues.

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PDtax

Owner

Master's Degree

6,866 satisfied customers
My father sold a capital asset three years ago and the buyer

My father sold a capital asset three years ago and the buyer has been making payments to him on a note. My father has been reporting the gain on the sale on the installment basis. My father died in 2015 and I have inherited the note. Do I have to continue reporting the gain or do I qualify for a stepped-up basis similar to some securities which I also inherited from him?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

8,936 satisfied customers
I have a brokerage account in Fidelity investment in Texas.

I have a brokerage account in Fidelity investment in Texas. I have stocks, cash and want to invest in ETFs. I am a non US resident and my spouse is also a non US resident, she is my beneficiary. I issued a W8 form. If I die they will retain heritage taxes in the US? For tax purposes would it be better to set up a joint account with right of survivorship ?

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Lev

Retired

Bachelor's Degree Equivalent

24,192 satisfied customers
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