51
votes
Can I buy a stock without owning it?
I think you need to talk to a financial advisor and/or lawyer that knows the legal details in your jurisdiction.
The normal vehicle to protect assets is to set up a trust. However, trusts are ...
- 9,347
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 ...
- 185k
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 ...
- 79.6k
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.
- 38k
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, ...
- 77k
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,...
- 17.1k
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 ...
- 3,652
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 ...
- 9,805
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.
- 4,203
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 ...
- 38k
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 ...
- 142k
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 ...
- 31.7k
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 ...
- 5,390
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 ...
- 185k
6
votes
Can I buy a stock without owning it?
One of the simpler alternatives would be Private Pension System in Turkey.
It would be in your sister's name, so unaffected by any personal financial trouble you would go through. Your sister will ...
- 1,156
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.
...
- 77k
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 ...
- 1,278
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 ...
- 4,277
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 ...
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 ...
- 2,022
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 ...
- 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 ...
- 31.7k
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 ...
- 185k
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 ...
- 71.2k
4
votes
Accepted
How do I fill out IRS form 1310, as a successor trustee? Reissue a check from the IRS?
Update August 2019: after multiple rounds of wrong information I had to file form 1310. The check came in my personal name. I had to cash that check as myself, then make a matching deposit to the ...
- 2,580
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 ...
- 13.4k
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 ...
- 185k
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 ...
- 7,926
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. ...
- 185k
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 ...
- 185k
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