Questions tagged [trusts]

An organisation set-up to manage funds perputally.

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49 views

How can I word a life estate for myself without saying Life Estate?

I'm disabled and considering structuring a mortgage assumption to buy a primary home in Texas. My strategy is to have the seller settle a living estate trust that will bi pass me and convey to my ...
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Passing a property from parent to (adult) child in Australia (NSW)

My father is retiring and would like to pass on the family home to my sister and me. We are both adults now and do not live in the home. I should also so mention, we are based in Sydney, Australia. ...
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43 views

How do I set up an ABLE Account

It's a disability account. I'm disabled and need help with money. I need help setting up an able bank account
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118 views

In what sequence should I do these tasks?

I bought a house as an unmarried individual with a conventional mortgage. Years passed, i gained a spouse and child, and the three of us live in the same house. Now I want to do the following things: ...
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58 views

Using a trust to lower my property tax [closed]

I recently started pondering whether I could use a trust as a sort of tax dialysis instrument. Would it be possible to create a trust, sell my home to the trust for a low value and therefore lower my ...
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39 views

Investing as a Representative Payee / Custodial Account

Back Story A family member suffered and injury while working a state job and after years of fighting the state they received a disability settlement. Due to some money troubles they've had in the past ...
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Handling the Income from an Income-Only Medicaid Asset Protection Trust

My family has created an Income-Only Medicaid Asset Protection Trust for my mother. I have some questions about how the interest (income) part of this works logistically. I am the Trustee, and have ...
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521 views

Someone wants to give me lots of money [duplicate]

This is a real story. About 6 months ago, someone asked me to help her to solve her financial problem. I didn't know about her at all. At that time, I replied as ... Sorry, I want to help you but I ...
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Can I claim homeowner tax benefits if the title isn't in my name yet?

My mom died at the end of 2018. Her living trust named me as trustee and indicated her house was to go to me. I failed to transfer the title to my name last year, but I paid the mortgage all year. Can ...
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Irrevocable Trust- Adding A Beneficiary

In the USA, an irrevocable trust is set up and funded for individual #1. Can an additional beneficiary be added later by the original donor? I am trying to understand how much flexibility irrevocable ...
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83 views

Adding To An Existing Irrevocable Trust

In the USA, once an irrevocable trust has been set up and funded, can the donor add additional funds at a later date?
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account type recommendation for minor beneficiaries of a trust (US)

As the trustee of a trust, I’m looking for suggestions as to how to make distributions to minor great-grandchildren. This is not a lot of money, but not trivial. I’m considering UTMA/UGMA/529b type ...
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108 views

irrevocable Trust - Who Pays The Taxes

Someone creates an irrevocable trust on behalf of someone. It is funded by a large amount of money that will be invested. The beneficiary will receive the profits/interest from the trust but not the ...
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229 views

What's to stop a person from forming multiple trusts in order to split their taxable income?

Suppose a person who is a beneficiary of a trust holds assets generating $100,000 annual income in one irrevocable trust, and they are taxed by the IRS at about 37% of all income above about $12500. ...
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90 views

Tax Strategy: Take Inherited Traditional IRA deduction now, or let the money ride?

How can I best calculate the fiscal impact of these two choices? Take a $50k distribution from a traditional IRA to offset an expense, thus saving taxes now. Leave the money in the IRA, allowing tax ...
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3answers
2k views

How to name a revocable living trust?

The abbreviated context of the question is this: I have young children that are too young to name as secondary beneficiaries (my wife is the primary beneficiary) on various accounts. I am creating a ...
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78 views

Choosing a Trust Bank/Investment Account

Not that it matters for this question, but for people following my life story :), this is a follow up to this question: Options for Protecting Inheritance Before Death? So we have created an income-...
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116 views

Is Fidelity an IRS approved custodian?

My employer offers a Simple IRA match. The plan they've set up allows me to select the financial institution that will serve as trustee or custodian1. I see many references to Fidelity in my ...
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Starting a trust fund in an EU country

I'm in a sudden and unfortunate need of starting a trust fund (money being the only asset) in an EU country (I'm afraid I need to rule out UK as an option) for a minor (not a relative of mine) that ...
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337 views

Keeping an adult away from their own account at their request

A friend of mine wants to live with me for a while while she gets back on her feet after a recent divorce and cross-country move. She has no current assets. She has asked me, instead of charging her ...
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227 views

How to give money to a 10 year old niece on joint business venture?

My niece and I came up with a good idea that I think will make some money. I want to compensate her accordingly for what she has done. I don't want to give her the money now, and I don't want to put ...
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66 views

Trust vs. Foundation vs. DAF

Is there a mechanism by which you can put aside a lump sum of money (before or after your passing) wherein the money can just sit and earn interest in a safe investment in perpetuity and disbursements ...
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1answer
86 views

As a trustee and executor of a trust, can I “settle” the financial portion of a trust on my own?

regarding settling the trust as an executor: I have gone through the legal aspects of informing heirs regarding the trust, and assuming that there are only liquid assets, can I just make out checks to ...
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1answer
124 views

How should trust payments be arranged to preserve the principal?

Many trust funds are designed to keep principal intact while generating a steady revenue stream. They do this by paying out some percent of net asset value and, assuming the trust fund grows faster ...
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1answer
815 views

How do I fill out IRS form 1310, as a successor trustee? Reissue a check from the IRS?

I am the successor trustee for an individual who had a living trust. Thus there was no court, no probate. A refund was due the individual, but the IRS chose to issue a check rather than direct ...
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1answer
118 views

Do we need a revocable living trust?

I'm considering setting up a trust for my father but would like a second opinion before meeting with an estate planning attorney. His estate is fairly simple; a home, bank accounts, a CD, a vehicle, ...
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Is it possible to change the second (or residual) beneficiary of a CRUT?

A CRUT is a Charitable Remainder Unitrust, which usually has as its first beneficiary the person who set up the CRUT (the settlor), and which may (but is not obliged to) have as a second beneficiary a ...
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1k views

Will: Leaving property to beneficiaries until their deaths only

I am in the process of writing my will and overall it's a very simple one, apart from one thing: I would like to leave some money for my brother to help him take care of my parents until they die. ...
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193 views

Is there a need for a Living Trust in my situation?

I was thinking of having a Living Trust drawn up for the benefit of my wife should I pass away so that she would have access to all of our assets without going through probate. It occurred to me ...
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1answer
111 views

Tax implications in the US of home ownership in the UK

My family and I are residents in the USA. My British wife and her brother have received some inheritance from their father, which is to be shared with his ex-wife: £120,000 cash. A mortgage of £150,...
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109 views

Can I avoid state trust tax with a conditional gift?

My state taxes resident trusts. A resident trust is any of the following: a. Its settlor (or any of its settlors) was a state resident at the time the trust was created; or b. All ...
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1answer
50 views

Tax Advantaged Options for Protective or Special Needs Trusts

I am tasked with setting up a trust or trust-like instrument for a relative. The bulk of the funds will be held about 15 years, until the beneficiary reaches a normal retirement age. The funds can ...
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136 views

Capital gains when a spouse passes away

I live in California. My husband and I had a trust and when he passed away in October 2017 his half of our condo went into an exemption trust for his two children from a previous marriage. We bought ...
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Special Needs Trust and Financial Planning

update: I may not have explained it clearly in my post below but I don't believe the intent is to close out the 401k or fund the life ins. policy using it. I will clarify with the consultant what the ...
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1answer
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IRS ramifications of renting to a family member who also entitled to 1/3 of home (informally)

My mother quit claimed her mortgage-free home to me many years ago. It was understood that she would retain financial control the remainder of her life, although never formalized as a living trust. ...
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84 views

what happens to existing accounts with a new living trust

If you have a living trust in the United States, and some financial accounts are registered under that title, and now you "update" your trust what happens to existing accounts with a new living trust? ...
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70 views

What are tax consequences of reimbursement of premiums from a cancelled life insurance policy held in trust?

The situation: My mother bought a life insurance policy and has been paying the premiums using after-tax dollars. The policy is held within a trust she set up with me and my siblings as beneficiaries....
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636 views

How to cash US savings bonds as a successor trustee?

I have paper series-I bonds that are made out as follows, actual names omitted: "husband" and "wife" CO-TR UDT DTDT "date and name of trust" If both the husband and wife have passed away, what is ...
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218 views

Protecting assets against addictions

How would you pass or gift assets to a person with a gambling addiction? I suppose a drug addiction would be easier to deal with, since in this case the addicted person won't be able to blow it all ...
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1answer
113 views

Is a car owned by a trust a “commercial” vehicle?

If a car is owned by a trust, does it have to be registered as a commercial vehicle, or can it be considered a personal vehicle? Since commercial vehicles have much higher tax rates, this has tax ...
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1answer
154 views

How can you mortgage a house owned by a family trust?

My wife and I are doing some planning, and one of the options that has been suggested to us is to put the family home in a family trust. There seems to be no problem having a mortgage on the house ...
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1answer
593 views

Grantor Tax Information Letter

Why do some trusts issue a Sch K-1 for the beneficiaries, while others only a "Grantor tax information letter"?
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350 views

what are the benefits of setting up an education trust fund for children?

I am thinking of setting up a trust fund for my children. I am wondering if there are any differences between setting up a saving account and a trust fund? Update, I am in New Zealand.
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Trusts, Inheritance Tax in UK

My background: I am a British citizen, currently living in mainland Europe i.e. Austria. Off-late, I married an Austrian Citizen. We purchased a property together in Austria. There is no Prenup ...
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834 views

Can a will or trust have more than one executor?

I am married with 2 grown children. I'd like do my own will and/or trust without an attorney that eventually leaves everything equally to my 2 children when the both of us have passed. We currently ...
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1answer
120 views

Can 1099s from a special needs trust be entered directly on the beneficiary's personal income tax return?

I'm the trustee for my brother's new special needs trust (first time filing taxes with it around), which has its own TIN. Different materials online suggest a K-1 may or may not be necessary. This ...
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1answer
292 views

Does the primary residence capital gains exclusion apply to irrevocable trusts?

I expect that with a revocable trust the capital gains tax exclusion ($250,000 in gains) on my primary residence will still apply. Does that tax exclusion apply when I place my house in an irrevocable ...
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1answer
85 views

Should we pay taxes on this trust?

My girlfriend (a legal resident of the United States) is the beneficiary of a trust and she withdrew the money this year. Essentially, her father put money into a trust which she was not allowed to ...
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1answer
88 views

Mechanism for long-term control of estate distribution?

This is an estate planning question. I want to accomplish certain longer-term control over distribution of assets and I'm wondering if there is a standard mechanism for doing it. Situation Say I ...
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2answers
117 views

Calculate a Fund

I did an investment. I am worried I misunderstood everything. I am not worried about the money I was looking to do something risky, but looks like I might have to learn the hard way about doing more ...