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If my wife and I establish a revocable living trust and the…

If my wife and...

If my wife and I establish a revocable living trust and the trust has income, do we have to file a 1041. Two potential beneficiaries are nonresident aliens, but only if we both die at the same approximate time.

Lawyer's Assistant: Estate laws vary by state. What state are you in?

California

Lawyer's Assistant: What documents or supporting evidence do you have?

I'm not sure what you mean - support for what?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I am a US citizen and my wife is a resident alien. If we die at the same time, her heirs, who are residents and citizens of Malaysia, will get half of our assets.

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Answered in 1 minute by:
6/3/2017
Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 39,300
Experience: 30 years experience in the practice of estate law.
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I am Loren, a licensed attorney for over 30 yrs. Thank you for your patience as I review the question. I will post my response shortly.

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In general, you will not have to file a 1041, the U.S. Income Tax Return for Estates and Trusts, for your revocable living trust – at least not as long as you're alive and serving as its trustee.

The trust's tax identification number is ***** own Social Security number because you still technically own all the assets the trust contains. All interest, dividends and other income earned by those assets is reported to the Internal Revenue Service on your own tax return. All income earned by your revocable living trust is reported on your personal Form 1040, not on a separate revocable trust tax return.

Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 39,300
Experience: 30 years experience in the practice of estate law.
Verified
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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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