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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]