Question: My father passed away in August of 2023. He had a revocable trust naming me and my sister as co-executors. He had one bank account worth $100K. No real estate. Once he passed, we [...]
Question: The online trust services I have contacted (LegalZoom, Trust & Will) include standard recitations that the overseas grantor lives in a US state with no option not to select one. I [...]
Question: If a trustee creates a trust in Wisconsin, and the trust says the laws of Wisconsin will be used for its interpretation and administration, then the settlor (also the first trustee and [...]
Question: We recently sold my father’s home which was in a trust. My sister lived with my father from the 1990 until my father died in 2005, and continued to live at the property until 2022 [...]
Question: I understand that trust distributions are not generally income for Medicaid purposes when paid to a provider of services rather than directly to the beneficiary (and presumably would [...]
Question: Dad died in 2021 in Florida. He was the grantor of a revocable trust and I (daughter) was the trustee. My understanding is that upon his death, it became an irrevocable trust. When he [...]
Question: A final income tax return was filed for my parents’ trust in 2015. In 2021 the trust received income (approximately $2,400) from a claims settlement along with a 1099 . Should I [...]
Question: How are revocable trusts taxed? Response: Revocable trusts, also often called “living” trusts, are taxed to the grantor — the person who created the trust. In most [...]
Question: If I have an irrevocable trust that the grantor can’t touch. How much will the trust pay if it doesn’t distribute any of its income? Response: I will assume that the trust [...]
Question: In a simple trust, when determining the distributable income, I subtract the expenses (accounting and trustee fees) from the interest and dividend income. Do I subtract 100% of the [...]