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Related Estate Law Questions
I need to talk to someone about distributing money from the
I need to talk to someone about distributing money from the sale of land in an irrevocable trust, can that money be distributed to the two trustees (who are also beneficiaries) or will they have to pa… read more
Attyadvisor
Attyadvisor
Doctoral Degree
11,120 satisfied customers
Happy holidays to you! Was told to get a tax Id # in my name
Hi there.Happy holidays to you! Was told to get a tax Id # in my name in relation to the trust and give the bank that # along with the death cert of parent. what is this and why?… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
60,213 satisfied customers
My sister had an IRREVOCABLE trust setup in the state of
My sister had an IRREVOCABLE trust setup in the state of NEVADA as follow: Step1: Grantor(her best friend) bought $500 money order as a first money gift to create the IRREVOCABLE trust. That was ALL t… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
60,213 satisfied customers
I read an article written in July 2010, and it said that
Hello. I read an article written in July 2010, and it said that there were 7 states that did not have to pay federal income tax on money received from a trust. I receive $5000.00 a month from the trus… read more
Jessica B
Jessica B
Juris Doctor
6,229 satisfied customers
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
40,208 satisfied customers
Dear Lawyer, My family and I own a number of properties. We
Dear Lawyer, My family and I own a number of properties. We want to set up an irrevocable trust; my parents and I own a number of properties. The properties are listed below. 1) Two brownstones in Bro… read more
Law Educator, Esq.
Law Educator, Esq.
137,118 satisfied customers
We are looking to set my mothers assets into a irrevocable
We are looking to set my mothers assets into a irrevocable trust, the beneficiaries of trust will be two children. The funding of trust account will be about $150,000. This is exclusive of her home wh… read more
Attorney2020
Attorney2020
Lawyer
2,480 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
My father recently passed away. I am the trustee and one of
My father recently passed away. I am the trustee and one of the beneficiaries of his trust. I want to start the process of selling his house currently titled in the trust's name. Do I need to transfer… read more
Barrister
Barrister
Attorney
Doctoral Degree
6,741 satisfied customers
My mother passed away in October 2013 and I am the successor
My mother passed away in October 2013 and I am the successor trustee to her irrevocable trust and revocable trust and also executor to her estate. Do I need to get a new Tax ID number for the irrevoca… read more
Barrister
Barrister
Attorney
Doctoral Degree
6,741 satisfied customers
If a trust owns a home and sells it, does it have to pay capital
If a trust owns a home and sells it, does it have to pay capital gains like an individual would? If the trustees dissolve the trust subsequently, each receiving their share of the proceeds, will they … read more
socrateaser
socrateaser
36,636 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
I am the sole beneficiary and a trustee of an irrevocable trust.
I am the sole beneficiary and a trustee of an irrevocable trust. I am entitled to the income from the assets in that trust. The trust has an ID nr. Do I have to file a tax return for that trust and if… read more
RayAnswers
RayAnswers
Attorney
Doctoral Degree
60,213 satisfied customers
Im the Trustee and sole beneficiary of an irrevocable trust.
I'm the Trustee and sole beneficiary of an irrevocable trust. Early on, money from the trust was used to setup an LLC in which I'm the sole member. I've unknowingly used funds from the LLC to pay for … read more
DamienJD
DamienJD
Attorney
Doctoral Degree
11,379 satisfied customers
Im the sole trustee of a irrevocable trust from my grandparents
I'm the sole trustee of a irrevocable trust from my grandparents who have passed away. My siblings and I are the beneficiaries. We just sold the house and and stocks all of which were assetts of the t… read more
lwpat
lwpat
Doctoral Degree
6,615 satisfied customers
A house is in a living trust. It is sold. The money is deposited
A house is in a living trust. It is sold. The money is deposited in the living trust account. Are there taxes paid from this purchase, if so, who pays them?… read more
Barrister
Barrister
Attorney
Doctoral Degree
6,741 satisfied customers
My mother put her house in an irrevocable trust in 1998 and
My mother put her house in an irrevocable trust in 1998 and deeded her house to the trust. She was the grantor, and she also named herself trustee. Upon her death, I was named the alternate trustee. T… read more
lwpat
lwpat
Doctoral Degree
6,615 satisfied customers
Attorneys! CPAs! What type of TRUST (or other entity or legal
Attorneys! CPAs! What type of TRUST (or other entity or legal instrument) can file its INCOME and pay Income Tax under only its own EIN/TIN and NOT have to divulge to the IRS its Beneficiaries' name/S… read more
socrateaser
socrateaser
36,636 satisfied customers

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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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