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There was no "allocation", obviously a possibly serious

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mistake on my part....
There was no "allocation", obviously a possibly serious mistake on my part. What do you recommend I do now?
Submitted: 2 years ago.Category: Tax
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Answered in 35 minutes by:
1/22/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,303
Experience: Taxes, Immigration, Labor Relations
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That must be corrected.... There is no choice.

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Tax Professional: Lev, Tax Advisor replied 2 years ago

I assumed that is A-B type trust - but that must be verified.

Please see here HOW A_B trust works.

http://www.finweb.com/retirement/ab-trusts.html

The trust document states that when the first spouse dies, the AB trust must be split into two separate trusts: Trust A will contain the deceased spouse's property, and Trust B will hold the property of the surviving spouse.

So far - if that allocation was NOT made - you would need to correct that and do allocation as soon as possible.

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