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Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself.
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Archives

Monthly Archive for: "February, 2022"
Home /
 Will Social Security Pay Benefits to a Revocable Trust?
2
By Harry Margolis
In Revocable Trusts, Social Security
Posted February 28, 2022

Will Social Security Pay Benefits to a Revocable Trust?

Question: In answering a recent question about transferring assets into a revocable trust, you wrote: Taking this step can cause it’s own difficulties. For instance, my mother recently moved her [...]

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 How Can I Reduce Taxes on Variable Annuity Distributions?
0
By Harry Margolis
In Retirement Plans
Posted February 25, 2022

How Can I Reduce Taxes on Variable Annuity Distributions?

Question: I own a variable annuity with large gains in the account. My understanding is that when I die my spouse can become the owner without incurring any income taxes due (no estate tax will [...]

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 Must Irrevocable Grantor Trust File Tax Return for House Sale?
0
By Harry Margolis
In Irrevocable Trusts
Posted February 18, 2022

Must Irrevocable Grantor Trust File Tax Return for House Sale?

Question: I sold my house in December 2020. It was the only thing in my irrevocable grantor trust. Do I have to file a 1041 for 2020? Response: Technically, yes. Practically, perhaps not. Either [...]

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 Does Prenuptial Agreement Trump Trust Created by My Father?
0
By Harry Margolis
In Real Estate, Revocable Trusts
Posted February 16, 2022

Does Prenuptial Agreement Trump Trust Created by My Father?

Question: My father married after my mother passed when he was already retired. They have a prenup saying they will keep all belongings acquired before they married separate to be inherited by [...]

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 Can Trust Schedule A Listing Preempt IRA Beneficiary Designations?
0
By Harry Margolis
In Probate, Revocable Trusts
Posted February 11, 2022

Can Trust Schedule A Listing Preempt IRA Beneficiary Designations?

Question: A Trust Schedule A of Assets included an IRA and Roth account with beneficiary designations. The grantor died (of Covid) before titling all assets to the trust. The trustee petitioned [...]

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 Are Simple Wills Sufficient for Tangible Personal Property in Blended Family?
0
By Harry Margolis
In Non-Traditional Families, Wills
Posted February 7, 2022

Are Simple Wills Sufficient for Tangible Personal Property in Blended Family?

Question: My husband is 65 and I’m 62. My husband is divorced with 3 living daughters, all adults with children of their own. Two of his daughters are estranged from us. I am widowed with 4 [...]

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 Can We Merge QTIP and Credit Shelter Trust Now with the Higher Tax Exclusion?
0
By Harry Margolis
In Estate and Gift Taxes, Irrevocable Trusts
Posted February 4, 2022

Can We Merge QTIP and Credit Shelter Trust Now with the Higher Tax Exclusion?

Question: Long ago, my parents created a family trust which required creating a survivor trust, credit shelter trust and QTIP trust upon the death of the first of them. One of them died. The [...]

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 Should I File a Trust Income Tax Return?
0
By Harry Margolis
In Irrevocable Trusts
Posted February 1, 2022

Should I File a Trust Income Tax Return?

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 [...]

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Categories
  • Asset Protection (34)
  • Charitable Giving (10)
  • Durable Powers of Attorney (43)
  • Estate and Gift Taxes (55)
  • Guardianship and Conservatorship (5)
  • Health Care Directives (13)
  • Irrevocable Trusts (49)
  • Long-Term Care Planning (170)
  • Non-Traditional Families (16)
  • Non-US Citizens (23)
  • Pets (3)
  • Practical Matters (15)
  • Probate (37)
  • Property in Other Countries (4)
  • Real Estate (66)
  • Retirement Plans (19)
  • Revocable Trusts (98)
  • Second Marriages (11)
  • Social Security (18)
  • Special Needs Planning (68)
  • Trustee (52)
  • Vacation Homes (3)
  • Wills (50)
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