Estate Law

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Related Estate Law Questions
Just need to know what federal tax forms i need to file for
Just need to know what federal tax forms i need to file for my mother's family trust created in 1987? She died last July and she was the grantor. I secured a new tax id number for the trust so should … read more
Jessica B
Jessica B
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My mom passed away Feb 2018. She had a revocable trust
My mom passed away Feb 2018. She had a revocable trust (which is now irrevocable) that goes to my sister and me. I'm confused, absent filing a 645 election, when do we have to file a 1040 for her? Or … read more
Jessica B
Jessica B
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My mother placed her home into an irrevocable trust with me
My mother placed her home into an irrevocable trust with me as trustee in 1995 granting my sister use for as long as she chooses. My mother died in 1997. In 2016 my sister no longer wished to reside t… read more
DamienJD
DamienJD
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Doctoral Degree
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Client has a 1999 ILITA and would like to transfer ownership
Client has a 1999 ILITA and would like to transfer ownership and beneficiary of insurance policy to new 2016 ILITA. Trustee has power to sell or assign policy. Can Trustee assign policy by tranferring… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37,020 satisfied customers
If an estate is converted to a trust in 2015, can some of the
If an estate is converted to a trust in 2015, can some of the expenses in the estate be used in the trust if not needed in the estate. What form is used for an IRA that was in one trust to now be put … read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
69,025 satisfied customers
I would like to place a note payable into an irrevocable trust,
I would like to place a note payable into an irrevocable trust, so that my three children can be the beneficiaries of the monthly payments over the next 7 years is that possible? Each will receive les… read more
Christopher B, Esq
Christopher B, Esq
Attorney
Juris Doctor
11,229 satisfied customers
We are thinking about setting up a an irrevocable trust for
We are thinking about setting up a an irrevocable trust for our mother's small estate, which includes a business, some investments and a home. What are the tax implications of doing this ?… read more
Attorney2020
Attorney2020
Lawyer
2,480 satisfied customers
This is a question for a CPA and or lawyer.I am the sole
This is a question for a CPA and or lawyer. I, as an individual, am the sole trustee of an irrevocable trust holding a life insurance policy for my client, who is both the Trustor and the insured. The… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,326 satisfied customers
hello, my mother passed away in Dec. 2013. I am the Successor
hello, my mother passed away in Dec. 2013. I am the Successor trustee to my family's estate. I just received a check from New York life annuity for $36,117.66. per there statement interest earned from… read more
LegalGems
LegalGems
Juris Doctorate
18,679 satisfied customers
I HAVE A CLIENT WHO IS THE TRUSTEE TO A REVOCABLE TRUST. THERE
I HAVE A CLIENT WHO IS THE TRUSTEE TO A REVOCABLE TRUST. THERE ARE ONLY 2 SIBLINGS. WHEN THE TRUST WAS SET UP ONLY THE HOME, LAND AND CATTLE WERE LISTED. THE CHECKING ACCT, 2 CARS AND IRA WAS NEVER LI… read more
socrateaser
socrateaser
36,385 satisfied customers
My wife and I have an Irrevocable Income only Trust. Only the
My wife and I have an Irrevocable Income only Trust. Only the home we live in is in the trust. It is a Grantor type trust. We sold the home early this year and bought a new one(in the name of the Trus… read more
LegalGems
LegalGems
Juris Doctorate
18,679 satisfied customers
I am a trustee of a trust that owns rental property. It has
I am a trustee of a trust that owns rental property. It has rental income, but has no gross income after expenses, including depreciation. It accumulates cash, and the trust document states that I sho… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,326 satisfied customers
I am the Trustee for an irrevocable Trust originated in 1995.
I am the Trustee for an irrevocable Trust originated in 1995. We have never filed form 1041. Each year since 1995 each of the the three beneficiaries have waived their rights (on a Crummey letter) to … read more
Thomas McJD
Thomas McJD
Attorney
Doctoral Degree
3,170 satisfied customers
IRREVOCABLE TRUST - STATE TAXATION A COMPLEX IRREVOCABLE
IRREVOCABLE TRUST - STATE TAXATION A COMPLEX IRREVOCABLE TRUST HAS BEEN ESTABLISHED FOR THE BENEFIT OF A MINOR CHILD (CURRENTLY 11 YEARS OLD) WHO HAS LIVED HIS ENTIRE LIFE WITH HIS MOTHER AND FATHER I… read more
Thomas McJD
Thomas McJD
Attorney
Doctoral Degree
3,170 satisfied customers
Avoiding tax consequences of VUL policies with loan balances
My mother has two variable universal life insurance policies purchased in the mid-1980s. One has a policy value of about $523K, but a loan balance of about $500K (and a fund summary of about $20K); th… read more
Brent Blanchard
Brent Blanchard
Solo Practitioner
Doctoral Degree
1,964 satisfied customers
My father died in 2008 (my Mom died in 2000) so he was a widower
My father died in 2008 (my Mom died in 2000) so he was a widower and had set up a grantor type trust for his asset distribution when he died. He and I were the trustees, and with his death, I became t… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,326 satisfied customers
Can a variable universal life insurance created for the sole
Can a variable universal life insurance created for the sole purpose of a Parental Life Insurance be used for investing and not create a tax liability. If so how and what specifically needs to be put … read more
socrateaser
socrateaser
36,385 satisfied customers
My mother owned a life insurance policy placed in a irrevocable
My mother owned a life insurance policy placed in a irrevocable trust and her brother was trustee.In 2001 the insurance company went from a mutual to a stock company and issued her the stock ather hom… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
69,025 satisfied customers

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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