Archive for June, 2007
I paid a fortune to have an attorney create our family trust. Now, I want to make changes to it by 1] adding assets to it — 2] assigning my children to have the same rights that I have to that trust.
I want to learn about and perform these changes myself without having to involve an attorney again. I am finding out that it is an endless money pit to have attorney’s make the changes that I desire.
I am also very interested in training on wills and trusts. I want to feel 100% confident of the changes that I make.
Looking for advice please !!!
Lashandra Mowan
My wife and 3 other siblings inherited a home in california 4 years ago, when their mother died. The mother, however had the house in a living trust, so the home is now in the name of the trust. i have a few questions, and am hoping an accountant or real estate professional is on here and can steer me in the right direction. The house only had a 50,000 mortgage on it, and we have been paying that these last 4 years. The house was worth about 290,000 when she died, it is worth 500,000 now. Here are my questions:
1. Do we need to notify the IRS, and if so, are there any taxes involved (or as long as it is in the trust, we are okay)
2. If there is capital gains taxes involved, are they split evenly among the siblings.
3. What are the amounts of capitol gains taxes we might be looking at.?
Thanks in advance, and only knowlegable people in this subject answer. Thanks
One more question. Do we pay the taxes on the amount the home was worth when she died, or what it is worth now?
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Brad Carlis
If an elderly parent wants a capable adult child to implement/administer a trust for the benefit of a disabled or less responsible adult child, does a bank or financial institution need to be involved?
For example, assume that the trust will only be about $15,000. I assume that fees could quickly eat up the assets of the trust if a bank were involved.
Can the parent simply have a responsible/capable child implement and manage the trust?
Denny Benchoff