Question: Do I need to report my revocable trust and irrevocable trusts of which I am trustee to the government under the Corporate Transparency Act? Response: No, only limited liability [...]
Question: My husband and I have SLATs set up. The only beneficiaries are our son and 2 grandsons. Our son lost his job and has been looking without luck for 4 months for a new one. He is very [...]
Question: Mother and daughter are joint tenants with right of survivorship in mother’s condo. If they want to transfer the condo to an irrevocable trust, but reserve a life estate to the [...]
Question: Must the trustee of an irrevocable trust with an EIN notify the IRS of the death of the primary beneficiary of the trust? Also, where interest on a CD is accumulating in the trust and [...]
Question: How is different income taxed in non-grantor trusts? For example, are capital gains taxed as income or at capital gains rates? Interest? Dividends? What is taxed and then considered [...]
Question: In 2014, my wife and I became co-trustees of an irrevocable trust with our son as the beneficiary, for his future education. I have never applied for an EIN as I understood I [...]
Question: My mother, a Massachusetts resident, passed away in October 2022. She had an irrevocable trust, established June 2011. The only asset in the trust was her home, which was held in [...]
Question: My sister is the sole beneficiary of a small irrevocable third-party supplemental benefit trust which on her death provides for distribution of accumulated principal and undistributed [...]
Question: My husband and I have our home in an irrevocable trust with no income. Do we file a regular personal income tax return (1040) with no mention of the trust? Response: That’s right, [...]
Question: I am the sole successor trustee and sole beneficiary of my mother’s Massachusetts grantor trust. She passed away in 2022. Her domicile was Massachusetts. My domicile is Rhode [...]