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: My brother’s inheritance is in trust. It includes a 50% interest in my parent’s home that he lives in and a stock/bond portfolio from which he gets monthly distributions. [...]
Question: My family has a trust that only holds property in Montana and $1,500 in cash left. The trustee has wasted money over the last four years. One beneficiary wanted to buy the farm and [...]
Question: I am co-trustee of my parents’ trusts. All the funds have been at the same bank from the time they created the trusts in 2011, with the same accounting firm doing the appropriate [...]
Question: In Pennsylvania, does money in a third-party trust count as Medicaid income or asset if a beneficiary or his wife is on SSDI? Response: I can’t tell you about Pennsylvania in [...]
Question: We have a special needs trust for our daughter to be funded by a life insurance policy on my husband’s life. We’re wondering if we should transfer the policy to the trust in [...]
Question: I live in Illinois and am 66 years old and a widow. Many years ago, an estate planning lawyer recommended I put my home in an irrevocable trust (with my daughter as the trustee) in [...]
Question: How is my fiduciary income from an irrevocable trust taxed. I received $8,880. What IRS forms do I file? Response: I am assuming you are asking as a trust beneficiary. If so, your trust [...]
Question: I am the trustee for my mother’s irrevocable trust. She passed in 2020. All the assets in the trust have been distributed to the four beneficiaries. The only asset remaining is a [...]
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 [...]