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Results tagged with trusts
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user 187
An organisation set-up to manage funds perputally.
1
vote
Adding To An Existing Irrevocable Trust
Of course.
20+ years ago I set one up so my wife and I could give our minor daughter the annual limit and get this money out of our name. Irrevocable, with an intention of annual deposits. Now, it’s …
1
vote
Choosing a Trust Bank/Investment Account
The Fidelity-type broker should be able to handle this pretty easily.
I happen to use Schwab. My Mother in law had me handle her finances when my father in law passed on, about 12 years ago. 4 years …
1
vote
Grantor Tax Information Letter
Typically, the K-1 comes from trusts whose terms dictate distribution of earnings by the trust during the year. The K-1 information will flow right to the beneficiary tax return. …
1
vote
Can a will or trust have more than one executor?
Yes, you can assign co-executors.
In my opinion, even though wills feel boiler-plate, it's worth the $250-$500 to use an attorney.
Keep in mind, an IRA or 401(k) should both have beneficiaries in …
2
votes
Accepted
Can 1099s from a special needs trust be entered directly on the beneficiary's personal incom...
The two quotes from TurboTax cover the 2 basic flavors of trust. The former, with its own TIN, thus needing to file a return and account for realized gain or dividends, and the latter, a pass thru ent …
2
votes
Should we pay taxes on this trust?
In theory, the trust admin (the trustee/custodian) should have filed the 1041 each year. The trust should have either (a) paid tax on any gains or (b) distributed the gains to her along with a nice Sc …
5
votes
Calculate a Fund
My question is, using previous data how do I calculate my returns?
"Stupid" is the person who does not ask. Better to have visited first, but even asking after the fact will get you an education, …
5
votes
What are the tax consequences of transferring a house out of a trust to my two daughters?
littleadv is correct in his response, no surprise there. But, given that information, there are consequences you should be aware of.
Gifts to any non-spouse are a non-issue up to $14000/yr per perso …
3
votes
Accepted
At what point is the contents of a trust considered to be the property of the beneficiary?
No, you will not have to pay taxes on the corpus (principal) of the trust distribution.
If the trust tax forms were filed correctly, you might have as much as a $9000 loss that will flow to you on t …
8
votes
Accepted
Why is it better to pay the life insurance money into a trust?
Trusts are useful for a number of situations, country-centric or not. …
1
vote
When transferring shares to an adult from a irrevocable trust, what is the cost basis of tho...
In general, a revocable trust will get a stepped up basis when the person dies. For tax purposes, the trust is transparent in that the taxes are paid each year by the owner and it's only after death i …
3
votes
Accepted
When funding a trust does the gift tax exemption apply?
Often, these trusts are worded so the limit in effect the year you die is the amount that funds the trust. Else, one might need an attorney visit every year. …
17
votes
What is a trust? What are the different types of trusts?
Trusts are a way of holding assets with a specific goal in mind. … This scratches the surface, illustrating how trusts can be used, there are more variation on this, but I believe it covers the basics. …