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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I am the beneficiary of an A-B trust. My mom died in 2000.

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I am the beneficiary of an A-B trust. My mom died in 2000. My dad died in 2004. Each owned an undivided interest in all assets. The trustees only administer my fathers trust and put all assets there after his death. I thought my moms trust is irrevocable at her death. Are there tax questions I should be asking, because I thought the reason for the 2 trusts was for tax advantages. After I complained about ignoring my mothers trust they opened a checking account with $300.00 and nothing since. No tax returns filed etc.
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.

Was the trust created on your Mom's dead with your Dad being the income beneficiary for life and the balance passing the beneficiaries on his death?


Normally these are set up as an irrevocable trust and tax return is filed every year.

Customer: replied 8 years ago.
Both trusts were created in 1988, terminology is the same in both. Mom had alzheimers and was removed as her own trustee in 1994 and current trustees were appointed at that time. No other changes were made at that time.
Expert:  RD replied 8 years ago.

You should request the trust documents. Normally with these kind of trust the property is distributed at the death of the surviving spouse to the named beneficiaries.


And regarding tax return- The trustees must get a taxpayer ID number for the irrevocable trust and file an annual trust income tax return-Form 1041. You can request a copy of the same from the trustees.



Let me know if you have any question.


Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.



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Customer: replied 8 years ago.
I will be accepting your answer. Other pertinent facts are that I've asked until I'm purple and they will not give me anything. I've asked for tax returns, an evaluation of the assets, I've asked for income properties to accounted for on a per property basis, I've asked for interest income and principal to be accounted for separately, I've shown them state statutes where I am entitled to the information. I've asked since August of 2004. The accountant is the trustee along with a farmer friend of my dads. I grant the farmer shouldn't know all this but the CPA should and I have an appointment with him tomorrow. This will be the first time we've spoke in 20 months. i have asked for this appointment since July of 2007 and it has taken me this long even to talk to him.

My gut tells me somethings not right, but I don't even know for sure what to ask. Thanks for your answer with limited knowledge. I do know dad got the income from moms trust, but it doesn't say anywhere about property.
Customer: replied 8 years ago.
Oh, yes. It's a generation skipping trust so I only get the income. But they account like a general journal with nothing credited to principal or income. Everything goes into the pot and everything comes back out. I cannot identify income, per se.