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I need to ask a question about trusts. There were 4 kids in
I need to ask a question about trusts. There were 4 kids in my family. I am the oldest. My dad was an undertaker and he and my mom set up several trusts for us kids. One was an irrevocable income trus… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Question regarding types of trusts: my husband and I are
Question regarding types of trusts: my husband and I are interested in setting up a trust. The purpose is: (1) to avoid probate in the event of death; and (2) for some assets, to shield from liabiliti… read more
Lev
Lev
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Bachelor's Degree Equivalent
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How to get date-of-death basis of revocable trust assets for
How to get date-of-death basis of revocable trust assets for successor trustees when successor trustees assume ownership of Trust assets after death of grantors? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am trustee for a revocable living trust for the benefit of
I am trustee for a revocable living trust for the benefit of my disabled half brother. His father died last year and his stepmom asked me to become trustee - Grantors are his father and stepmom. The t… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
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Renee is the sole Grantor of her revocable trust, and its
Renee is the sole Grantor of her revocable trust, and its sole beneficiary. As a result of Renee's dementia, she is a full-time resident of a nursing home. Renee's qualified residence has a mortgage i… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
39,103 satisfied customers
My mother has a living trust. She is the grantor, currently the trustee and the only bene
My mother has a living trust. She is the grantor, currently the trustee and the only beneficiary. I am successor trustee. Mom has just gone into a nursing home. The trust provides a mechanism for her … read more
Richard
Richard
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Doctoral Degree
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Shawn, I just reviewed the question asked previously
Hi Shawn, I just reviewed the question asked previously regarding the "grantor" question in establishing tax i.d. for revocable lvg trust where grantor has passed. You stated it is o,k. to have the re… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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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.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,247 satisfied customers
My dad (foreigner, not US tax resident) wants to buy $400K
My dad (foreigner, not US tax resident) wants to buy $400K condo in CA and place it into Trust. I am Trustee (US resident). Beneficiaries are my minor kids (settlor's grandchildren), also local. What … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Hi Lane, I 've been doing a lot of research but need your
Hi Lane, I 've been doing a lot of research but need your help. Here's the situation: 1. Parent owned and lived in home for decades until 9/2009. The home was part of the family trust, Parent was the … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,247 satisfied customers
Father died in 2012, Mother dies in 2013. College age kid is
Father died in 2012, Mother dies in 2013. College age kid is only child. Mother had grantor revocable family trust while alive. Assets were a rental property and some checking accounts. Trustee applie… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
39,103 satisfied customers
I have a legal/accounting question for a Florida Estate execution.
I have a legal/accounting question for a Florida Estate execution. There are no assets outside of Trusts (two trust exist), but both 2012 and 2013 personal taxes for deceased must be filed with the IR… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
39,103 satisfied customers
My wife, and I have a "Revocable Trust". I understand that
My wife, and I have a "Revocable Trust". I understand that when both of us die, all our assets gets passed on to our beneficiaries. The beneficiaries are subject to "Estate Tax Exemptions (5 million) … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
39,103 satisfied customers
Clients parents have died. Dad- DOD 2008. Moms 2012. Each
Client's parents have died. Dad- DOD 2008. Mom's 2012. Each has a revocable trust. Trust has it's own tax ID number but until now has div/int posted to Mother's return. No trust returns ever filed. Ch… read more
Chea Romine
Chea Romine
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Bachelor's Degree
197 satisfied customers
My mother had a revocable trust and my father had the right
My mother had a revocable trust and my father had the right to use the income/interest to the trust. When she passed away an EIN was gotten and my father put it in as a grantor trust on the Form 1041 … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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sirs. my two brothers and I are beneficiaries in a grantors
sirs. my two brothers and I are beneficiaries in a grantors trust. Both grantors passed away and We sold a property (realestate), the lawyer that handled the sale said the grantor (my dad) gave up the… read more
Stephen G.
Stephen G.
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Bachelor's Degree
7,247 satisfied customers
After the death of my father-in-law (everything held in family
"After the death of my father-in-law (everything held in family trust) we set up a disclaimer trust for part of the funds. My mother in law the remaining Trustee. My husband their son is the Successor… read more
Bill
Bill
Master's Degree
3,154 satisfied customers
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
Ed Johnson
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