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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: "trust taxation"
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 How Should Trustee Fees be Reported on Trust Income Tax Returns?
0
By Harry Margolis
In Trustee
Posted November 2, 2020

How Should Trustee Fees be Reported on Trust Income Tax Returns?

Question: When issuing a K-1 to a trustee of a decedent’s irrevocable trust for trustee fees, how should this be reported? Should it be reported as Other Portfolio and non-business income? [...]

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 Does the Dissolution of a Small Irrevocable Trust Cause Any Taxes?
0
By Harry Margolis
In Irrevocable Trusts, Trustee
Posted October 26, 2020

Does the Dissolution of a Small Irrevocable Trust Cause Any Taxes?

Question: I am trustee of an irrevocable trust holding $25,000. I now want to cash out the trust — half to my brother, the other half to me. What kind of tax do I have to pay in New York? [...]

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 Will Distributions from Our Parents’ Trust be Taxed?
0
By Harry Margolis
In Revocable Trusts, Trustee
Posted October 6, 2020

Will Distributions from Our Parents’ Trust be Taxed?

Question: My brother and myself are the trustees of an irrevocable family trust from my deceased parents in Maryland. The trust has 5 beneficiaries (5 siblings). We just sold and closed on my [...]

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 Must an Irrevocable Trust with No Income File Tax Returns?
0
By Harry Margolis
In Irrevocable Trusts, Real Estate
Posted October 4, 2020

Must an Irrevocable Trust with No Income File Tax Returns?

Question: If someone only places their house worth only $250,000 in an Irrevocable Trust, do they have to pay yearly income tax on it, when they are not renting it out and they are not getting [...]

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 How is Income of a Nominee Realty Trust Reported in Massachusetts?
0
By Harry Margolis
In Real Estate, Revocable Trusts
Posted May 21, 2020

How is Income of a Nominee Realty Trust Reported in Massachusetts?

Question: Which Massachusetts tax form do I file for a nominee real estate trust? The only income is interest earned of $1,600 from the proceeds sitting in a bank account until they were [...]

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43
By Harry Margolis
In Revocable Trusts, Trustee
Posted January 24, 2020

How Are Revocable and Irrevocable Trusts Taxed?

For the most part, trusts don’t pay taxes on their income, instead passing the income through to the trust beneficiaries. But when they do pay taxes, the tax rates are often higher than [...]

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 How Are My Trust Distributions Taxed?
2
By Harry Margolis
In Special Needs Planning
Posted April 12, 2019

How Are My Trust Distributions Taxed?

Question: I am a remainder beneficiary of an irrevocable Special Needs Trust. The beneficiary has died and I will get my share of the final disbursement. I have been told that much of the trust [...]

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 What is the Tax Treatment of Trustee Fees?
0
By Harry Margolis
In Revocable Trusts, Trustee
Posted December 21, 2018

What is the Tax Treatment of Trustee Fees?

Question: Does the trustee of an irrevocable trust pay income tax on the fee they charge the trust? Would that fee then be a deduction from trust income? Response: Yes on both counts. Fees earned [...]

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Categories
  • Asset Protection (32)
  • Charitable Giving (9)
  • Durable Powers of Attorney (34)
  • Estate and Gift Taxes (37)
  • Guardianship and Conservatorship (2)
  • Health Care Directives (12)
  • Irrevocable Trusts (8)
  • Long-Term Care Planning (136)
  • Non-Traditional Families (12)
  • Non-US Citizens (13)
  • Pets (3)
  • Practical Matters (15)
  • Probate (18)
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  • Real Estate (30)
  • Retirement Plans (11)
  • Revocable Trusts (64)
  • Second Marriages (9)
  • Social Security (16)
  • Special Needs Planning (59)
  • Trustee (45)
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  • Wills (38)
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