Estate Law

Estate law questions? Ask an estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

The beneficiary died in Aug 2016 of an irrevocable trust. i…

Customer Question
the beneficiary died in Aug...
the beneficiary died in Aug 2016 of an irrevocable trust. i have been filing a simple trust return for that trust for 22 years and the beneficiary has been picking up the income , because the income was to be distributed to the beneficiary. now that she is deceased, don't i have to file a final return on the trust return, and then open an estate account and file that income etc from the date of death of the beneficiary. others are telling me i can just finalize everything with the trust return ? which way is correct ?
Submitted: 7 months ago.Category: Estate Law
Show More
Show Less
Ask Your Own Estate Law Question
Answered in 7 minutes by:
12/6/2017
Estate Lawyer: DamienJD, Attorney replied 7 months ago
DamienJD
DamienJD, Attorney
Category: Estate Law
Satisfied Customers: 5,130
Experience: Attorney. Well versed, understanding, friendly
Verified

Hello: My name is ***** ***** I am an attorney. Are you saying that the trust no longer has a purpose or is funded because, upon the beneficiary's death, you distributed the principal to a successor beneficiary or remainderman?

Ask Your Own Estate Law Question
Customer reply replied 7 months ago
they are distributing everything to the successor beneficiaries per the terms of the trust
Estate Lawyer: DamienJD, Attorney replied 7 months ago

If that is the case, then the trustee would file a final return for the trust. I am not sure what you refer to when you mentioning an estate account unless you are saying that the estate of the beneficiary is entitled to interest earned this past year that has not been distributed. Is that what you are saying?

Ask Your Own Estate Law Question
Customer reply replied 7 months ago
the irrvocable trust was only to remain in effect for the benefit of his wife ( the beneficiary ) who died in august, now the assets are being distributed to the successor beneficiaries
Customer reply replied 7 months ago
i thought that on the death of the beneficiary, all the assets of the trust would automatically be put into an estate , either his or hers ? sounds like that is not the case
Estate Lawyer: DamienJD, Attorney replied 7 months ago

Thanks for the additional information. If there is no income to distribute to the estate of the wife, requiring the opening of an estate account, then the rest of the money is considered principal and that money is distributed to the living beneficiaries. The money would not be put into an estate account of the grantor, or the estate account of the wife unless the wife had interest due her.

We can continue to discuss this. Do you have any further questions or need clarification?

Ask Your Own Estate Law Question
Customer reply replied 7 months ago
they cashed in all the stocks and turned everything into cash, so who pays the capital gains ? i guess the beneficiaries each pick up their proportion share of the capital gains which are substantial, from the sale of all these stocks then ?
Estate Lawyer: DamienJD, Attorney replied 7 months ago

Correct. If the trust is not paying the capital gains before distribution, then each beneficiary would pay the capital gains.

Do you have any other questions? I am happy to assist you.

Ask Your Own Estate Law Question
Customer reply replied 7 months ago
do i have to file an estate tax return ( 1041 decedent estate ) for his wife or do we just file a final 1040 with her income and the portion of the income due her from 1-1-17 to the date of her death in august, all her assets are being divided up , the cash will be sent out in the form of a check to each beneficiary and the stocks are being divided up the same way and the actual stock is being sent to each beneficiary. don't the the beneficiaries each get a stepped up basis on the stock they receive from her ?
Estate Lawyer: DamienJD, Attorney replied 7 months ago

The estate of the wife is different and is not the trustee's responsibility. It is the responsibility of the personal representative of the wife's estate to handle her assets. If there are beneficiary's of the wife's estate, then there could be a step up basis regarding her estate assets.

Ask Your Own Estate Law Question
Estate Lawyer: DamienJD, Attorney replied 7 months ago

I have to step away for a bit. If you have further questions, let me know. I can address them later. If not, I have been happy to help you. Best regards.

Ask Your Own Estate Law Question
Customer reply replied 7 months ago
i need to file an estate tax return ( 1041 ) for the wife on behalf of the pers rep ? what is the criteria for the beneficiaries to receive a stepped up basis then ?
Estate Lawyer: DamienJD, Attorney replied 7 months ago

Possibly, the personal representative would have to file a 1041 form if the estate is earning income. However, most likely the income from the trust is subject to an income tax. The step-up basis depends on the asset.

I have been happy to help you with all your questions. Do you have any further questions?

Ask Your Own Estate Law Question
Customer reply replied 7 months ago
I dont understand the when it comes to the beneficiary with a step-up basis or not , what is the criteria ?
Estate Lawyer: DamienJD, Attorney replied 7 months ago

The basis of property inherited from a decedent is generally one of the following: The fair market value (FMV) of the property on the date of the decedent's death. The FMV of the property on the alternate valuation date if the executor of the estate chooses to use the alternate valuation.

Ask Your Own Estate Law Question
Customer reply replied 7 months ago
ok, thank you for your help
Customer reply replied 7 months ago
i was totally misled about these fees, now i have more charges on my account , i want you to refund this 46 dollars, i thought the membership was to cover any questions for this month , i want this stopped
Estate Lawyer: DamienJD, Attorney replied 7 months ago

You are welcome.

Ask Your Own Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with an estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask DamienJD Your Own Question
DamienJD
DamienJD
DamienJD, Attorney
Category: Estate Law
Satisfied Customers: 5,130
5,130 Satisfied Customers
Experience: Attorney. Well versed, understanding, friendly

DamienJD is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,841 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

5,579 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,133 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

1,867 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,514 satisfied customers

Experienced in multiple areas of the law.

P. Simmons

P. Simmons

Attorney

1,209 satisfied customers

12+ yrs. of experience including estate law.

< Previous | Next >

Related Estate Law Questions
I have a question for the Estate Lawyer. My wife and I have
I have a question for the Estate Lawyer. My wife and I have a trust worth about $3,000,000 mostly in real estate and my wife just died. I need to get appraisals on all properties to establish current … read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,579 satisfied customers
If the grantor of an estate in Illinois died in 2004 with an
If the grantor of an estate in Illinois died in 2004 with an Irrevocable Trust does a deceased beneficiarychdern have any claim Ccoroto the two year Statute of limitations … read more
DamienJD
DamienJD
Attorney
Doctoral Degree
5,130 satisfied customers
My father died in 2016 with a trust. the trust was closed.
my father died in 2016 with a trust. the trust was closed. what are the tax implications for the old trust and the new one created for the trustees with the transferred assets?… read more
Jessica B
Jessica B
Juris Doctor
1,529 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 m… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My wife and her sister are trustees (and sole beneficiaries)
My wife and her sister are trustees (and sole beneficiaries) of an Irrevocable Trust from their deceased parents. Their father passed away in 2014 (predeceased by his wife in 2006) . they have already… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,579 satisfied customers
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
Attorney
Doctoral Degree
5,130 satisfied customers
My parents formed a family trust and assigned their home to
My parents formed a family trust and assigned their home to the trust. There were no other assets assigned. The home was sold prior to my dad's death and the funds were used to pay for his care until … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
My Uncle died and left me as the Executor of s Irrevocable
My Uncle died and left me as the Executor of his Irrevocable Trust and the sole heir of his Last Will and testament his home which has been sold (closing Oct 16, 2015) and at the same time probate was… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,579 satisfied customers
My father recently passed away and he designated me his personal
My father recently passed away and he designated me his personal representative to execute his living trust. Researching my responsibilities, I'm finding that it is highly recommended that I apply for… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Hi, Mom died back in December. She had a couple of small
Hi, Mom died back in December. She had a couple of small bank accounts that were POD and the transition went fine. No remaining debt, no home or property and I will file her taxes as I have done in th… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,579 satisfied customers
as the trustee for a simple trust in which the grantor died
as the trustee for a simple trust in which the grantor died in April of 2013 and I plan to make final distributions of income and principal July 30, 2013: 1. is there a form to use for reporting the p… read more
LegalGems
LegalGems
Juris Doctorate
12,550 satisfied customers
My mother established a living/ revokable trust, she died in
My mother established a living/ revokable trust, she died in 2012, which made the trust irrevokable. As the trustee, when I applied for an EIN number, I did under an irrevokable trust. Should I have e… read more
Thomas McJD
Thomas McJD
Attorney
Doctoral Degree
3,170 satisfied customers
My father,now deceased, had his house & checking account in
My father,now deceased, had his house & checking account in a living trust, i.e. the Fred-Wilma Flintstone Living Trust. I wish to get an EIN using the online service. I understand using my SS# XXXXX … read more
Irwin Law
Irwin Law
Juris Doctor JD
7,176 satisfied customers
Can the death benefit of a life insurance policy owned by an
Can the death benefit of a life insurance policy owned by an irrevocable trust and the beneficiary also the irrevocable trust ever be federally or state taxed? I assme if the Irrevocable trust is the … read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
5,579 satisfied customers
Trust and Estate question regarding accumulating, distributing,
Trust and Estate question regarding accumulating, distributing, and tax consequences in Washington State. Mom passed away in May, 2012. She had a living trust setup for an even 3-way split of her asse… read more
Thomas McJD
Thomas McJD
Attorney
Doctoral Degree
3,170 satisfied customers
When settling a revocable living trust, should a new bank account
When settling a revocable living trust, should a new bank account be opened (as one would do in probating an estate that did not have a trust) in the name of the trust specifically pay bills, collect … read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,265 satisfied customers
does an irrevocable trust file form 1041? If so, is it labeled
does an irrevocable trust file form 1041? If so, is it labeled a complex, simple, or grantor trust?… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
My brother died and left a will with a friend as executrix.
My brother died and left a will with a friend as executrix. What does she have to do to activate the will to pay expenses and the amount left to the beneficiary?… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers

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).

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).

Show MoreShow Less

Ask Your Question

x