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Trust tax return?

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L

Leflore

Junior Member
What is the name of your state (only U.S. law)? Oklahoma

My husband and I currently own a home as Jt. Ten. I would like to transfer this into a revocable living trust with my son listed as beneficiary. I have two questions on this transfer:

1.Upon our passing, am I correct that the property can transfer to him without probate and estate taxes being due? The home is valued at around $100K.

2. Do I have to obtain a trust Fein/ Tin number and file a yearly trust tax return? (There will be no income generated by the trust).

Thank You,
LefloreWhat is the name of your state (only U.S. law)?
 


S

seniorjudge

Senior Member
QuestionsL

Leflore said:
What is the name of your state (only U.S. law)? Oklahoma

My husband and I currently own a home as Jt. Ten. I would like to transfer this into a revocable living trust with my son listed as beneficiary. I have two questions on this transfer:

1.Upon our passing, am I correct that the property can transfer to him without probate and estate taxes being due? The home is valued at around $100K.

2. Do I have to obtain a trust Fein/ Tin number and file a yearly trust tax return? (There will be no income generated by the trust).

Thank You,
LefloreWhat is the name of your state (only U.S. law)?
Click to expand...
Leflore said:
Thank you again.
One more question. Exactly what type of "tax professional" would be the best. A tax attorney, CPA, etc? Having never been previously involved with this sort of problem, I'm not sure exactly who he should be talking to who would be the to handle this?
Click to expand...

Answer:

LdiJ said:
Call around to some local tax offices. Odds are that anyone that is open all year long, will have people with the proper experience on hand. Avoid firms that advertise on TV saying ...
Click to expand...


Hint: Make sure it is done right; spare your heirs grief.

You got the same advice here:

https://forum.freeadvice.com/tax-law-12/what-do-423003.html
 
A

anteater

Senior Member
Kind of a different question, SJ.

1) Without probate? Yes.

2) Avoid estate taxes? Not in a revocable living trust. But it takes a pretty large estate to be subject to estate taxes, even if the current law is eventually revised.

3) EIN/Trust tax return? Not if it is a revocable living trust. Tax law disregards the living trust and treats the assets in the living trust as if you still owned them.

I notice "husband and I..." and then "I would like..." Does he agree with this action?
 
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