How large can a Trust become before it is taxable by the federal government?
Dear Ms. Allison: How large can a Trust become before it is taxable by the federal government and is there such a thing as a Sub-Trust or Smaller Trust outside the original? Thanks, PT in NE Oklahoma Dear PT: Your question is difficult to answer due to the many different taxes that could attach and…Read More
Can a Successor Trustee sell or give away property left to the original beneficiary?
Dear Ms. Allison: At first, my mom was trustee over my grandma’s will and estate. After some time of my mom was not upholding her duties as trustee (due to personal problems and sadness and depression). She had to sign over her rights to her sister, my aunt, who then became trustee. In her Will…Read More
10 Things to know about Filing Estate and/or Trust Income Tax Returns!
I get many questions about estate taxes, especially after the executor or trustee has struggled through preparing them and found that it is not the “walk in the park” they thought it would be. Filing your own income taxes can be such a headache! But if you became the Executor, Personal Representative or Administrator (aka…Read More
Lawyer problems settling parents’ trust
Dear Ms. Allison: Trying to settle my parents trust. What should I do? My sister and I are the beneficiaries and co- trustees of the estate. I am on my second lawyer and not getting anything done. It should be very simple to divide the trust but this second lawyer says I’ts complicated. I think…Read More
Where do I find out if I’m listed in a Trust?
Dear Ms. Allison: I am told i have a Trust established in my name but cant find it. Anonymous in Oklahoma Dear Anonymous: I wonder where you are looking — and why? It is odd that you are looking into this, unless someone has died and you believe you are not receiving what was left…Read More