Search results
Results from the WOW.Com Content Network
Posted on Sep 5, 2012. A disclaimer trust is an estate tax planning tool used to save (estate) taxes. Many wills and revocable trusts allow for a disclaimer trust to be funded. *Typically* it works like this: a husband and wife have mirror image wills or a revocable trust.
The answer is "it depends." Assuming you disclaimed the assets into the trust as a individual beneficiary (within nine months of the death by a Qualified Disclaimer), the trust is now irrevocable, you are the Trustee and the Beneficiary of the trust, and the trust instrument does not prevent you from selling the assets, then you theoretically should be able to sell the assets within the trust ...
A common trust type now is a "Disclaimer Trust" which leaves everything to surviving spouse (like a "simple trust"), but includes a safety valve that allows the survivor to "disclaim" assets and fund a B trust. Why the disclaimer? We can never be sure how fast assets may grow or whether the estate tax exemption will change. As far as avoiding a ...
Trust year end is December 31, unless applied for a different month. You will need to explain to the IRS why the month is different. From my perspective, 99% of all cases should adopt a year end of December.
Mr. and Mrs., husband and wife can transfer only their 50% interest into their trust without Mom having to sign any documents or consent. If Mr. and/or Mrs. husband and wife pass away, that 50% interest will be subject to the instructions left in the trust.
Does the attorney who completed a trust have a legal responsibility to make sure provisions of that trust are carried out after one of the trustees dies? There are certain actions/requirements included in this trust to be carried out once one the trustees dies. The spouse/remaining trustee is refusing to fulfill these actions/requirements.
I agree with Mr. Pippen. You should take the trust and all documentation to an estate planning attorney who does trust administrations. I have seen subtrusts (the A Trust and B Trust are subtrusts) that were not funded until many years after the date of death. This is a common problem because the surviving spouse thinks nothing has to be done.
Yes, the surviving spouse/trustee needs to inform the mutual fund company that the spouse has passed. I am wondering if the AB trust was set up simply to avoid estate taxes or if the deceased spouse had children from a prior marriage, and intended the assets to go to those children.
If the trust had no cash assets available to make these payments, it would fall on the ultimate end-owners, the beneficiaries. A trustee is a functionary, a manager and is not an owner, unless also a beneficiary, So aunt does not bear these costs solely in her capacity as a trustee, but would bear a share if she were a beneficiary.
The disclaimer trust language could run a hundred pages, but if there was nothing in the disclaimer trust at the time of your mother's death, then there is nothing to distribute. You need to consult an attorney experienced in Oregon estate planning and trust administration law to help you sort out what is going on here.