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Recent Testamentary Trust questions

In NJ how can I make a will with an included "spend thrift"

In NJ how can I make a will with an included "spend thrift" trust?JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: New JerseyJA: Has anything been filed or reported?Customer: Nothing yet. I want to include the trust in the Last Will.JA: Anything else you want the lawyer to know before I connect you?Customer: NO

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

53,342 satisfied customers
Family Trust Parents created a Family Trust. Upon death of

Family TrustHello,Parents created a Family Trust. Upon death of both parents the Family Trust created "Testamentary Trust" for all the beneficiaries of which all were over the age of 21. Example: Smith Revocable Living Trust was established in 2003. When the last parent died in May 2016 the Living Trust created individual Testamentary Trusts for all beneficiaries of the Living Trust, again all our grown adults with no disability. (***** ***** Trust with ***** ***** being the Trustee and 100% beneficiary). There was an EIN acquired at that time also.So, do I have to file a trust tax return for the Testamentary Trust even though it all flows through to the personal tax return? Or will the Testamentary Trust owe tax on some of the income? The income is only interest/dividend/cap gains on sale of stock.Thanks,JW

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RayAnswers

Lawyer

Doctoral Degree

42,808 satisfied customers
Could you explain how wills and trusts are done for blended

Could you explain how wills and trusts are done for blended families when assets from the father and mother go to different children (from first marriage? Are two Wills ever done, one for Mother and her first set of children and another for Dad and his side? Joan

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Maverick

Doctoral Degree

8,162 satisfied customers
My question is the following with pertinent background

Hello,My question is the following with pertinent background information below:1)My parents had a living trust-They are now both deceased with my father recently passing away on Feb 12, 2016 and my mother in 2006.2)Our only residence (primary) is titled with the county of Santa Clara with the name of the living trust.3)I am the designated successor trustee on my parents living trust4)The bank account that I paid the county house taxes on was included in the living trust5) On Feb 19th, 2016 I paid the 1st installment of the county house tax. On Nov 30, 2016 I paid the 2nd installment of the county house tax. Both payments were made out of the bank account included in the living trust.6) Last month Feb, 2017 I was told that I had to file for an EIN since now the living trust is an irrevocable trust and needs its own Tax ID. I didn't know this until the bank told me. Which means that the house taxes were paid out of the "living trust" not the irrevocable trust with its own EIN.7) The house is still titled with the county under the Living Trust name of my parents and hasn't been changed...yet.My question is this:Since the house taxes are deductible and I'm the trustee of the living trust and I live full time in the house as my primary residence, am I allowed to take the tax deduction on my tax return? Or is that something that can only be deducted by the titled owner (in this case the Living Trust) ?Thank you...Bob Morton

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levr

Retired

Bachelor's Degree Equivalent

25,398 satisfied customers
My father passed away on May 28th, 2016. In his Will it

Hello!My father passed away on May 28th, 2016. In his Will it states that my twin sister and I are to receive monthly checks in the amount of $5000.00 each., and the Will also states what the money is for. Basically, the money goes to the basics such as bills as well as property taxes on our home which is completely paid for in full with no mortgage. My sister and I own our home 50/50.These checks are to be received the 1st of each month. The Will does not mention that a portion of our monthly checks "income" is to be set aside for federal income tax. The research I've done states that the "Trust" should pay the federal income tax. I hope that is true, however, I really want to understand if I'm responsible for the federal income tax. In other words, of the $5000.00 my sister and I get each month, are we to set aside a portion of that income for income tax or does the tax come from elsewhere?Our brother is the Trustee and he distributes the checks every 2 weeks instead of the 1st. I'm afraid to say anything to him because he could pull the rug out from us at anytime. He has also started taking out $750 a month from each of our checks for federal income tax. Can he do that?He is also taking out another $250 from each check for future property tax (2017). I believe he is trying to help us regarding that and that's okay, however, taking out the $750 from each of our checks is especially taking a toll on us financially.The checks started at the end of July 2016.I would appreciate your advice.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

53,342 satisfied customers
My sister in law just passed, and she was the full-time

My sister in law just passed, and she was the full-time caretaker of my brother who is in advanced stage of alzheimer's. Her willhas appointed her brother as executor. All of her estate was to be put in testamentary trust for my brother's care (400k). Upon my brother's death, the money goes to their daughter, age 27 still living in the family home. The daughter is currently caring for my borther which I have no problem with. She also has my brother's POA. The Executor tells me heis now my brother's guardian. That does not seem right, it should be the duaghter who has POA.JA: Can you tell me what state this is in? And just to clarify, what paperwork has been filed?Customer: Virgina, nothing has been filed.JA: What documents or supporting evidence do you have?Customer: I saw and read the will of the deceased. I have seen the POA for my brother naming his daughter.JA: Anything else you want the lawyer to know before I connect you?Customer: What generally does this costJA: You just pay a $5 deposit now and the rest only when you get a reply from the Estate Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: I need more information on total cost before I proceed

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Irwin Law

Juris Doctor JD

9,820 satisfied customers
My father died in Dec. 1997. A separate a trust was

My father died in Dec. 1997. A separate a trust was established at his death. My mother was in control of the original Trust and the Trust established at Dad's death. Mom passed away in Feb. 2013. Can we use a cost basis of the stock in both Trusts as of Feb. 2013, 6 months after Mom's death?JA: Estate laws vary by state. What state are you in?Customer: TexasJA: What documents or supporting evidence do you have?Customer: Copies of the Trust documents and death certificates.JA: Anything else you want the lawyer to know before I connect you?Customer: No

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

53,342 satisfied customers
My late husband left the farmland that he and I owned in a

My late husband left the farmland that he and I owned in a trust to be administered by our son who I just found out is a severe alcoholic and drug userWhat can I do

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

53,342 satisfied customers
Can a will containing a trust not specify naming a TRUSTEE

can a will containing a trust not specify naming a TRUSTEE bu rather authorize the executor to appoint the trustee

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Damien Bosco

Attorney

Doctoral Degree

3,856 satisfied customers
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