Questions tagged [trusts]

An organisation set-up to manage funds perputally.

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2answers
50 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
72 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
110 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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63 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
92 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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0answers
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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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3answers
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. ...
6
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2answers
178 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
100 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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1answer
92 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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1answer
131 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
151 views

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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1answer
70 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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1answer
65 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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1answer
319 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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1answer
212 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
92 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
146 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
542 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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1answer
274 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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0answers
100 views

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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3answers
729 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
102 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
262 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
72 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
82 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
115 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 ...
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2answers
245 views

Savings Account for Newborn--529? Trust?

A close family member is about to have a baby, and several family members are looking for a way to allow gifts to contribute to the child's eventual education. The twist is: if the child decides (for ...
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2answers
94 views

Where to learn about Trusts and alike?

Sadly I have already gone down the Computer Science route for a degree, however I would like to learn more about Trusts, Funds, Equities etc... for a future career or for personal investments. I have ...
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2answers
174 views

Low Fee Income Generating Investments for a Trust

I am looking for a low-cost / low fee investment strategy for a modest ($75K) trust. I am only allowed to distribute the income of the trust to the beneficiary and cannot dip into the trust's corpus (...
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2answers
150 views

What are the tax consequences of transferring a house out of a trust to my two daughters?

I currently have my house in a revocable living trust with my two daughters as beneficiaries. Are there any tax consequences to transferring the house into their names now before I am deceased?
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2answers
541 views

At what point is the contents of a trust considered to be the property of the beneficiary?

My grandmother passed away several years ago, and left a generous trust fund to her 5 grand children. We can access our share of the money when either of the following two conditions are met: We turn ...
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1answer
206 views

US tax liability for beneficiary of UK bypass trust

In the UK, discretionary will trusts (DWT) often were, and to some extent still are, used to ensure that married couples could take advantage of both spouses' nil-rate-band (i.e. estate tax exemption ...
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1answer
257 views

High risk investment [closed]

I have a spare £500 I do not mind losing too much. But, I do not just want to throw it away. I have found high risk investments like this one from JP Morgan Chase, and over the past few years all ...
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1answer
541 views

Repairs to a house in order to rent it that were paid by the beneficiary, but is still owned by a Trust

1. Since my mother's Trust owns her house, & I paid the repairs out of my accts, how do I deduct them - or can I? My mother left her house to me, but it is still in her Trust until the other ...
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1answer
366 views

Why is it better to pay the life insurance money into a trust?

Trusts are a legal document where a person or a group of people are made responsible for an asset – in this case the Life Insurance pay-out. What difference does this definition make? I am simply ...
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1answer
236 views

Can I set aside money for child's education so it will be safe in divorce?

I'm not sure if this is more of a financial or legal question. Let's say there's some tension in my marriage, and my wife and I would like to set aside money in a way that, if we were to get a divorce,...
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1answer
425 views

Mortgage company fee for quit claim deed

I transferred title to my home to a living trust, of which my wife and I are trustees, and my children are the beneficiaries. The main reason was to avoid probate. My mortgage company wants $100 fee ...
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0answers
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Tax implications of reparceling property that was gifted from a trust

I am buying a second home on one full lot and the 1/2 vacant lot next to it. Both are part of a trust. We can't get a single loan to cover both because our lender will not do a bridge loan covering ...
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2answers
238 views

Property Trust - who or what is the Owner?

I'm trying to work out an arrangement to use some neglected UK property held in trust by a not-very active corporation. I'm puzzled by the nature of trust ownership. In essence, who owns land held in ...
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0answers
278 views

Inheriting funds from a U.S. trust where you are not the trustee

I am a U.S. citizen trustee and executor of my mom's trust. My brother is a Canadian citizen and lives in Canada and not a trustee. I will be dividing the trust funds or investments between the two ...
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2answers
131 views

Tax implications of dispersing trust to my child's 529 plan vs directly to me

I will be inheriting a portion of my father's trust. My child is in college now, and I contribute the full amount to the trust every year. Are there tax advantages to disperse proceeds from the trust ...
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2answers
168 views

Is Quit Deed all I need?

I would like to get the title of my late grandparents house out of his trust, and into my name (Grandson) and my uncle's(Son) name. Should I get a lawyer or is this really all I need. Its Illinois ...
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1answer
101 views

Good trust account in the UK

We need to open a trust account for our children for some money they inherited in trust. We were warned that quite a few of the banks are quite reluctant to do this. So the main questions are: Once ...
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3answers
1k views

Should I sell shares to buy a home so I avoid a mortgage? [closed]

I'll be retiring next year, and I want to be in my own home (aging-in-place). Should I sell stocks to buy it outright and thus avoid a mortgage as I move to a fixed income. But what about capital ...
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1answer
303 views

International Inheritance via Trust

My mother is an American citizen living in California - she has had dementia for many years and is legally incompetent to manage her money, but before she was ruled incompetent she put me on as a ...
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1answer
287 views

How does the FDIC know how much to insure trust accounts?

This page shows FDIC insurance on trust accounts is subject to the number of beneficiaries. Yet a bank will open a trust account given only the number of trustees, not the number of beneficiaries. ...
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3answers
365 views

Mortgage and/or unit trust

I will be purchasing a property soon, so my question is the following: Do I pay off my mortgage off as soon as possible (by paying more every month) or do I put the same amount extra into some unit ...