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 ...
- 181k
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 ...
- 181k
2
votes
Does my Trust Need to File Taxes?
A trust is not a person. Trusts file a different tax return using form 1041, and are required to file if they have (see instructions):
Any taxable income for the tax year;
Gross income of $600 or ...
- 181k
1
vote
Inheritance tax on a trust (usa)
The term disregarding entity means that, for legal purposes it does not exist.
Since your mother-in-law's trust is revocable, for tax purposes the money held in the trust will be considered her assets ...
- 1,647
1
vote
tax liabilities on creation of a discretionary trust
I don't think that's how it works. According to this article on taxation of discretionary trusts (my emphasis):
IHT on creation of trust
Lifetime gifts into discretionary trusts are chargeable ...
- 4,002
1
vote
Trust Checking Account
Is this going to be a problem at all banks?
Probably. Requirement for both signatures is onerous as the banks don't only need to verify there's a signature - they need to confirm there are two, and ...
- 181k
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