How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29933
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

There was no "allocation", obviously a possibly serious

Customer Question

There was no "allocation", obviously a possibly serious mistake on my part. What do you recommend I do now?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

That must be corrected.... There is no choice.

Expert:  Lev replied 1 year 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.

.
I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you will all tax related issues.