22 votes

Can I put my rental in a trust and have the trust sell it?

If the trust is a revocable grantor trust (i.e.: the grantor is the trustee and the beneficiary and can change the trust any time), then it is invisible to the IRS and is indistinguishable from the ...
littleadv's user avatar
  • 174k
21 votes

Special Needs Trust and Financial Planning

The special needs trust is a great idea for children like yours, and if you have the financial means then it most certainly should be done. Suggesting that you withdraw money from a 401K to fund a ...
Pete B.'s user avatar
  • 76.5k
15 votes

Can I put my rental in a trust and have the trust sell it?

What you are missing: Trusts have to pay income tax too, and the rates are higher than personal income tax. There is also no standard deductible for them.
Aganju's user avatar
  • 37.7k
8 votes
Accepted

Will: Leaving property to beneficiaries until their deaths only

Your wish is to leave money to your brother to help him take care of your parents until they die with the condition that any balance of the money to be transferred to your wife or, if she is deceased, ...
Bob Baerker's user avatar
  • 76.4k
8 votes

Someone wants to give me lots of money

You asked three specific questions: Is this possible? Basically, no. This is literally not possible. The highest-limit prepaid debit cards in existence in the US right now have limits around $15,...
dwizum's user avatar
  • 17k
7 votes

Special Needs Trust and Financial Planning

From my own research, a special needs trust is on the expensive side if you don't have much money to put into it. One common option seems to be to fund it with your estate if you pass on or with any ...
Eric's user avatar
  • 3,642
7 votes

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

The answer is that the assets are not "his" anymore if they are they are not taxable to the grantor. If the trust is revocable, meaning that the grantor can get the assets back, then all income the ...
Five Bagger's user avatar
  • 9,785
7 votes

Someone wants to give me lots of money

This is a typical advanced fee scam. If you don't believe it, you can always do a search and check around on how the standard scam template email looks like.
mootmoot's user avatar
  • 4,183
7 votes

Trying to get Cashier's Check rewritten

Depositing a check (or any other transaction on a checking account) is not something that triggers 'income' for either the IRS or Social Security. Normally, they would not even know about it; but if ...
Aganju's user avatar
  • 37.7k
7 votes

Using a trust vs stocks to purchase land

There's not a generic way to answer this simply as "stock vs. trust". A trust is essentially a separate legal entity, so there can be many details that would need to be considered. Are you ...
D Stanley's user avatar
  • 135k
6 votes

Calculate a Fund

A mutual fund's return or yield has nothing to do with what you receive from the mutual fund. The annual percentage return is simply the percentage increase (or decrease!) of the value of one share of ...
Dilip Sarwate's user avatar
6 votes

Is this a 'trust fund scam'?

I can't tell you how many times I've said this to people on similar questions - If you have to ask the question "Is this a scam?" then the answer is almost always YES!!! Always ask yourself ...
RiverNet's user avatar
  • 5,380
6 votes

inheriting (and selling) a house via a trust vs being named on the title

You would need an estate attorney and a tax advisor to handle this efficiently. You're correct that having a non-US person as a beneficiary of a US trust may complicate matters quite a bit. You're ...
littleadv's user avatar
  • 174k
5 votes

Capital gains when a spouse passes away

You will owe capital gains if your share of the increase in value is over $250,000. Your step-children have a step-up basis for their half of the property (they should get an appraisal to figure out ...
mkennedy's user avatar
  • 1,208
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 ...
JTP - Apologise to Monica's user avatar
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, at ...
JTP - Apologise to Monica's user avatar
5 votes
Accepted

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

Everything depends on your local law. In general, joint assets are not a problem whereas sole ownership assets are. Depending on location, the size of the estate may determine the need for probate. ...
Bob Baerker's user avatar
  • 76.4k
5 votes
Accepted

Do we need a revocable living trust?

Unfortunately, this is an attorney question and not an internet question. A living trust is not only a document, using it also requires that you retitle all the assets in the trust from your father ...
Dave Harris's user avatar
  • 4,277
5 votes

irrevocable Trust - Who Pays The Taxes

First, I am assuming that this is not a defective trust. That is, it counts as a trust for both income tax purposes and estate tax purposes. I am also assuming that you are in the United States. The ...
Bob's user avatar
  • 1,773
5 votes

Someone wants to give me lots of money

Signs it's a scam: 1) They've never met you and yet trust you to handle nearly a million US dollars worth of their funds. I don't know about you, but if I had that money, I would not be trusting a ...
Karen's user avatar
  • 455
5 votes

Is property with a transfer-on-death deed on it part of "the estate"?

I strongly recommend that your parents not create a transfer-on-death deed without talking to a lawyer about the matter because there are financial and tax issues other than the size of the estate and ...
Dilip Sarwate's user avatar
5 votes
Accepted

Recently my mother died - how to handle her living trust account - Does the date of trust formation change?

When I was applying for the EIN number, it asked me when the trust was created. I put the date the revocable trust was created not the date my mother died. Was that wrong? Yes, because revocable ...
littleadv's user avatar
  • 174k
4 votes
Accepted

Low Fee Income Generating Investments for a Trust

If your primary goal is no / minimized fees, there are 3 general options, as I see it: Create a long-term portfolio of specific assets yourself (risky, and also time consuming); Put your money in an ...
Grade 'Eh' Bacon's user avatar
4 votes

Can a will or trust have more than one executor?

Can we name both children as co-executors? Yes, you can name both children as co-executors. Can they be the witnesses? Maybe, in most states Witnesses must be not be beneficiaries of your estate ...
Hart CO's user avatar
  • 70.5k
4 votes
Accepted

Setting up a corporation for family finances

There are two problems with this approach. First, the revenue to the company can't just be things like a paycheque your employer paid to you, a person. That income is taxable to you personally and ...
Kate Gregory's user avatar
  • 13.2k
4 votes

Is There Such a Thing as a ‘Safety Net Trust’?

You're talking about what is called a "Perpetual Trust" or "Dynasty Trust". These are illegal in many of the States in the US, and in many other countries. In some States they're ...
littleadv's user avatar
  • 174k
4 votes
Accepted

Trust tax/debt concerns

This applies to the U.S.: Payments made from a trust are no longer in the trust and lose creditor protections. Unless there are other protections (e.g. state-level protections protecting certain trust ...
Stan H's user avatar
  • 7,241
4 votes

Trust tax/debt concerns

I'll add more color to Stan's answer (which is absolutely correct, +1), for your consideration. Irrevocable Trust is a Legal Entity The trust is an entity of its own, like a corporation or a person. ...
littleadv's user avatar
  • 174k
4 votes

Should my trust be the beneficiary of my annuities?

Generally you'd want to discuss this with an estate attorney, while also consulting with a tax specialist (EA/CPA licensed in your state) since attorneys often times don't know taxes all that well ...
littleadv's user avatar
  • 174k
3 votes
Accepted

Can a will or trust have more than one executor?

Can we name both children as co-executors? Yes but that means that they both have to act together to make any decisions, which may sound good but there's often a lot of small decisions that have to ...
D Stanley's user avatar
  • 135k

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