Questions tagged [trusts]

An organisation set-up to manage funds perputally.

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2answers
102 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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1answer
163 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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287 views

“Revocable Living Trust Agreement” without a lawyer?

As with the question on a will without an attorney, I'm wondering how well it would work to draw up a "Revocable Living Trust Agreement" without a lawyer. If it varies hugely by state, my specific ...
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332 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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1answer
81 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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598 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
75 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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1answer
73 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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577 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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169 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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40 views

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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93 views

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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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. ...
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155 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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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
98 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
260 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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310 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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How do you open account for 'funds held in Trust' at Canadian deposit institution?

Suppose you both maxed out RRSP, TFSA. Each has 3.3% HISA at Laurentian Bank. You also have a joint HISA. You don't want deposit over $100 K, CDIC's coverage. No other CDIC institution pays 3.3%. ...
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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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37 views

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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228 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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160 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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