Family Trust-Irrevocable Family Trust

jamc2009 asked:


My brother took my mothers money bought houses created Family Trusts with him as Trustee and my mother knows nothing about these deals. He started a LLC in her name himself as trustee and she does not know about this either.
Would Social Security check into the accounts of my brother and look for the miss appropriated funds? He is on disability and does not let them know about the money he makes because he put it under moms name. She is 89 years old. I am the sister and am very upset about this and want to help my mother get out of this. I have reported him to disability what else can I do? My mother cries every day not understanding what is going on.

Michael Jordan

mr and mrs.yahoo asked:


also do you trust the online tax slayers. I have used them 2yrs in a role but I don’t know if they give you all the cedits out there.

Nigel Zeherquist

palefarmeref asked:


I will soon be purchasing a home from my wife’s grandparents. The new tax credit for first-time homebuyers’ is not available to people who purchase their home from a related party (such as a grandparent). However, the home is not officially owned by the grandparents; it is owned by the family trust, over which they exercise some control. So my question is this:

Can I claim the first-time homebuyers’ credit if I purchase the home from a family trust?

Murray Damrell

w17scott asked:


Family owns multiple properties, some of which were sold previously, leaving numerous properties in family trust. Executor pushed heir to sign documents within past 30 days to complete sale of properties. Heir is now reluctant to sign new papers. Heir told initial tax payments listed were incorrect and new payments will reduce payout slightly.

Maria

yomamaissouglii asked:


My grandmother is ill and can not mentally make decisions. We are planning on acquiring her house (in San Francisco). Can be transfer it to us, we are on the trust, and continue to pay the taxes she does ($300 per year, based off the value she bought the house in 1946). Otherwise our taxes will be based off the value now (800k, about 12k in taxes. Help …. can we trasnfer as a gift and keep the taxes the same?

Dorethea Weisenburger

Greg A asked:


Seems to me I read somewhere that if you establish a family trust and have the trust cash the winning ticket then the taxes on the winnings will be lower than if the winning ticket was cashed in the individuals name. Anybody know for sure? In my own kind of zen-ish mentality, not knowing the answer to this is preventing me from winning!

Ramonita Tataris

AB1 asked:


I am widowed. My husband set up an AB Trust before his death. Now I have my living trust and his B trust. His B Trust owns two partnerships where rental income is generated from the properties. The rental income is reported on my 1040. His B trust is fully funded and disburses the required income from the B trust to my living trust.

I do need the income from the rental properties and would rather no have to deal with it. Can my living trust (family trust) buy the partnerships from his B trust? If so, will this eliminate my having to report the rental income on my tax return? If not, what can I do to eliminate the income from my return?
Additional Clarification: I don’t need the rental income that is being generated from the partnerships. I would rather sell the partnerships if I can. I don’t need the additional income. From a tax standpoint, is it better to sell the partnership or continue getting the rental income?

Clara Tumbleson

Captain asked:


My deceased father has a Trust that is owner of our family cabin. Now an Oil Company is going to pay $1,000/acre to search for oil/gas and a 2% royalty of any oil/gas produced. Is the $1,000/acre taxable to any of the family or would it be distributed through the Trust tax free like his original possessions?

Gisele Bellott

Jennifer asked:


My father passed away last year, and left me some money. The money came in the form of a check from our family trust, whose sole executor is my stepmother. My understanding of what I’ve read is that:

-federally I owe nothing unless it’s over 3.5 million dollars (it’s not)
-because I live in California (as did my father), there is no inheritance tax

Do I need to claim it on my tax return? Where would I claim it? Is it considered income?

Cleo Prinz

Elizabeth H-F asked:


If one’s spouse is the trustee and beneficiary of a family trust and receives a distribution of say $20K that is not a payment for his trustee duties, is this taxable income to him?

Renda Paroda