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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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Trustee

Home / Retirement Plans /
 Can Trustee Fee Be Contributed to IRA?
0
By Harry Margolis
In Retirement Plans, Trustee
Posted January 16, 2023

Can Trustee Fee Be Contributed to IRA?

Question: Is the trustee fee I received income that I can use to calculate my IRA contribution in the same year? Response: Yes, it is earned income that must be reported on your tax return and, [...]

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 In What State Should Trustee File Return for Out-of-State Trust?
0
By Harry Margolis
In Irrevocable Trusts, Trustee
Posted April 29, 2022

In What State Should Trustee File Return for Out-of-State Trust?

Question: I live in New Mexico and am the sole trustee of a trust created in Colorado which is also where over 90% of the trust assets are located. I am paid compensation. To which state do I owe [...]

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 Must Small Irrevocable Trust File Tax Return and Issue K-1s?
2
By Harry Margolis
In Irrevocable Trusts, Trustee
Posted March 14, 2022

Must Small Irrevocable Trust File Tax Return and Issue K-1s?

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 [...]

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 How Can I Leave My Estate to My Non-Citizen Sibling Who Lives Overseas?
2
By Harry Margolis
In Durable Powers of Attorney, Non-US Citizens, Trustee, Wills
Posted November 22, 2021

How Can I Leave My Estate to My Non-Citizen Sibling Who Lives Overseas?

Question: I am a American citizen and want to leave my house/money in bank/stock and life insurance benefits to a sibling in another country.  Who would I talk to get this process started? A [...]

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 Can a Trust Hold Funds in a Low-Cost Investment Account in Order to Reduce Costs?
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By Harry Margolis
In Trustee
Posted July 13, 2021

Can a Trust Hold Funds in a Low-Cost Investment Account in Order to Reduce Costs?

Question: My siblings have an irrevocable trust with a few million dollars in stock assets. Is there a place to avoid the fee of parking the assets outside of a trust manager? We don’t want [...]

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 How Can I Stop Overcharging Trustee Immediately?
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By Harry Margolis
In Trustee
Posted June 24, 2021

How Can I Stop Overcharging Trustee Immediately?

Question: The guy who’s trustee of my fathers estate  has billed the estate $257,490. This is from August 2nd 2019, until today. And he has tapped into the IRA still there. So I guess my [...]

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 Can Brother Charge $119,000 Trustee Fee on Trust Holding $190,000?
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By Harry Margolis
In Probate, Trustee
Posted March 4, 2021

Can Brother Charge $119,000 Trustee Fee on Trust Holding $190,000?

Question: One brother and I were both appointed as POAs and healthcare advocates in a trust for our mother. My brother assumed financial and healthcare decisions as he lived closer. There are 7 [...]

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 How are Trustee Fees Paid from a Special Needs Trust?
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By Harry Margolis
In Special Needs Planning, Trustee
Posted February 16, 2021

How are Trustee Fees Paid from a Special Needs Trust?

Question: How exactly does the trustee of a SNT get paid? Does any serving trustee have direct access to the trust account and withdraw funds to pay him or her self? Response: That’s right. [...]

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 Are Family Members Overcharging for Serving as Trustees of $30 Million Trust?
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By Harry Margolis
In Trustee
Posted January 9, 2021

Are Family Members Overcharging for Serving as Trustees of $30 Million Trust?

Question: There are 4 brother and sisters – 2 of them are the trustees of a $30 million estate. They are paying themselves $175,000 each per year, but pay others to do all the work around [...]

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 When Do Trustee-Beneficiaries Take Their Trustee Fees?
0
By Harry Margolis
In Trustee
Posted November 25, 2020

When Do Trustee-Beneficiaries Take Their Trustee Fees?

Question: My sister and I are co-trustees of our parents’ trust, who are both now deceased. Are the administrative fees, which we both want to collect, considered separate from the trust? [...]

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Harry Margolis book: The Baby Boomers Guide to Estate Planning

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Read Sample Chapters

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