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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

Tag Archives for: "irrevocable trust taxes"
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 Must Trust Report Beneficiary Death and Accrued Interest to IRS?
0
By Harry Margolis
In Irrevocable Trusts
Posted June 7, 2024

Must Trust Report Beneficiary Death and Accrued Interest to IRS?

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 [...]

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 How Are Non-Grantor Irrevocable Trusts Taxed?
0
By Harry Margolis
In Irrevocable Trusts
Posted June 5, 2024

How Are Non-Grantor Irrevocable Trusts Taxed?

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 [...]

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 How Do I Fix Irrevocable Trust Tax Situation?
0
By Harry Margolis
In Irrevocable Trusts
Posted May 10, 2024

How Do I Fix Irrevocable Trust Tax Situation?

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 [...]

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 Must Trust With No Income File Return?
0
By Harry Margolis
In Irrevocable Trusts
Posted March 27, 2024

Must Trust With No Income File Return?

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, [...]

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 Does Trust with Little Income Have to File Tax Return?
0
By Harry Margolis
In Irrevocable Trusts
Posted March 6, 2024

Does Trust with Little Income Have to File Tax Return?

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 [...]

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 Will Appointment of Trustee Cause Taxation of Trust in Their State?
0
By Harry Margolis
In Revocable Trusts
Posted February 16, 2024

Will Appointment of Trustee Cause Taxation of Trust in Their State?

Question: The online trust services I have contacted (LegalZoom, Trust & Will) include standard recitations that the overseas grantor lives in a US state with no option not to select one. I [...]

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0
By Harry Margolis
In Irrevocable Trusts, Revocable Trusts
Posted April 7, 2023

Does Trust Need to Be Moved When Settlor Moves to a New State?

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 [...]

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 Must Small Irrevocable Trust File Tax Return and Issue K-1s?
6
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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Wondering if a trust makes sense for you?

This comprehensive guide provides all you need to know (in plain English).

Harry Margolis book: The Baby Boomers Guide to Estate Planning

Get the Book
(An Amazon Prime Reading selection)

Read Sample Chapters

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