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A client of mine is a beneficiary in a trust and the trust
A client of mine is a beneficiary in a trust and the trust has around $25K of income. The client would pay income at the individual level in her income tax thru a K-1 and the trust does not pay income… read more
Chad EA, CDFA®, CFP®
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My father set up a family trust. He passed away and now my
My father set up a family trust. He passed away and now my mother is the beneficiary of the residuary trust. She is allowed to receive the income the trust generates and other distributions if she nee… read more
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Parents transferred rental real estate to an irrevocable
Parents transferred rental real estate to an irrevocable trust. The purpose was to protect the asset for medicaid purposes. At this point the 5 year lookback has been satisfied. … read more
Lev
Lev
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Want to set up a trust for my grandchild. Nevada. my
Nevada. my grandson just turned one year old. My wife and I, both around 70 and retired, with SS benefits and investment incomes, plan to start the trust with $20,000 now, and add $20,000 every year in an investment account for distribution when he turns 21. I am looking for an arrangement so the income generated will not be taxed until distribution, similar to a ROTH IRA. … read more
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We have a client who's mother died and had a living trust.
We have a client who's mother died and had a living trust. After she died does the living trust automtically convert to another trust.? There is another trust now. A house was sold and the HUD has an … read more
Stephen G.
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I am sorry that trust was an irrevocable trust. My question
I am sorry that trust was an irrevocable trust. My question is the DNI. If the trust does not state a requirement for distributions, yet distributions were made, is it still a deduction on line 9 for … read more
Stephen G.
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I would like information concerning the income tax status of
I would like information concerning the income tax status of family trusts. Does the IRA have booklets detailing this?… read more
PDtax
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Can $4500 for braces from a complex trust be considered a
Can $4500 for braces from a complex trust be considered a gift or does it need to be reported as income to the beneficiary.… read more
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My ex spouse owes me $100,000. She has a living trust (revocable)
My ex spouse owes me $100,000. She has a living trust (revocable) in California where I am sure she has transferred her property and other assets. She claims it only acts as a living will and that she… read more
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Tax.appeal.168
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My father died May 25,2011. He had a trust for which my brother
My father died May 25,2011. He had a trust for which my brother and I are beneficiaries. I am the representative of the trust. I recently received the EIN for the trust and a communication from the IR… read more
R. Klein, EA
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I am the Successor Trustee of a revocable trust my parents
I am the Successor Trustee of a revocable trust my parents established years ago. The surviving trustee died on 3/9/2012. There are stocks in the trust that must be sold in order to distribute funds t… read more
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When a mothers assets are placed in an irrevocable trust with
When a mothers assets are placed in an irrevocable trust with no crummie powers. What are the income tax consequences (who gets to report income from assets), and what happens to the cost basis of the… read more
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I am preparing a trust return. The person starting the trust
I am preparing a trust return. The person starting the trust died this year. Her condo was sold. My question is: Is the sale of this personal residence taxable at the 1041 level, or is it passed to th… read more
RD
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My mother passed away in 2007 and her house has been on the
My mother passed away in 2007 and her house has been on the market for sale since 2008. Her home is in trust and we have considered renting it until the market turns around. If the income from renting… read more
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I am attempting to prepare the 2008 form 1041 for my deceased
I am attempting to prepare the 2008 form 1041 for my deceased fathers half of a trust. My mother is still alive and is the trustor and trustee. She still has her half of the original trust as a revoca… read more
MequonCPA
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Trust A (1.3mil estate previously filed, no taxes owing to
Trust "A" (1.3mil estate previously filed, no taxes owing to either Fed or State of NJ), is now held for the benefit of Trust "B" as each owns one half of same property. When beneficiary/Trustee of Tr… read more
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I am a beneficiary (as well as my mother and brother) of a ...
I am a beneficiary (as well as my mother and brother) of a trust set up by my aunt for her successors 10 years ago. The trust benefited her husband until his death last November. Now the trust will be… read more
Lev
Lev
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Bachelor's Degree Equivalent
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If I received a sum of money in a trust this year and ...
If I received a sum of money in a trust this year and spent approx. $90,000.00 of it about how much are the taxes going to be?… read more
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