FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018. By continuing to use this site, you are consenting to our Terms of Service and use of cookies.
What is the name of your state? New York
If a beneficiary receives income from an irrevocable trust, and knows that some of the interest and dividends reported to them on the K-1 (Form 1041) is from US Treasury securities and is exempt from income tax in their state, how do they know how much...
New York State
Here is the subject case:
1) A US Treasury Note is purchased on the secondary market at a discount.
2) The Note is held to maturity and then redeemed.
3) The amount of the "Accrued Market Discount" (Box 1f reported on 1099-B for TY23) is determined to be interest for income...
New York
A grantor creates a revocable living trust.
Grantor dies and the grantor's assets are transferred from the living trust to an irrevocable trust as specified in the original trust document.
A check is received payable to the grantor (not the trust).
How can that check be deposited in...
What is the name of your state? New York
Checking my understanding on this...
John and Lisa are spouses, grantors and trustees of an A-B revocable living trust. The only assets the trust holds are all of their separate financial assets and the house they live in.
John dies and Lisa survives...
What is the name of your state? New York
So far I have not gotten a definitive answer to this question. Hope I can find one here.
Many financial institutions do not permit you to open an account titled in the name of a trust, but do allow you to open an individual account and name the trust...
What is the name of your state? New York
My parents have a revokable living trust that holds all of their assets. They are both grantor/trustees and I am also a trustee (3 trustees total). They are both very elderly, I am helping them more and more, and it seems to be approaching a juncture...
What is the name of your state (only U.S. law)? New York
My parents made me a trustee of their revocable living trust. I have one sibling who is not a trustee, but we are both beneficiaries.
Do I have any responsibility to disclose any information, at any time, about the contents of the trust...
What is the name of your state (only U.S. law)? NY
My parents are preparing an amendment to their revocable living trust and one change they want to make is that they are adding me as a co-trustee instead of as a successor trustee. The only reason they are adding me as a co-trustee is to make...
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.