My stepson is 15 and has a trust fund set up in Louisiana - he got monies after his US mum passed away and his grandmum sued hospital - the money from the malpractice suit was put in a trust for my stepson. A Louisiana attorney handled the case. My husband is the Trustee, he is a dual UK/US citizen but we now live in UK. My stepson is also dual US/UK citizen living with us in UK. (hubby's father is UK citizen as is entire family).
I have two questions/issues to resolve:
1) My husband has tried contacting the LA Attorney via email asking how we can get our son's college tuition reimbursed. We've no clue how to submit a dispersement request and what details to provide but this Attorney will not contact my husband back (after many attempts). The money is not in a bank, it's with the courts still. In addition, our son is interested in a US land investment near land we own in Asheville, NC. We just obtained the value of the property (a thorough written assessment by a local Asheville realtor) and not sure how he goes about getting monies authorised to buy the land and what tax implications are for him each year? if Trustee (husband) pays the tax, etc. Otherwise, the money just sits in the courts for now which doesn't seem like good idea. Any other suggestions?
2) We have been advised here that my husband may want to revoce himself as Trustee since UK will consider he and our son as UK citizens and that are severe tax implications on the US trust. Though no money has been distributed from it at all, we are trying to get his college tuition for this year reimbursed so assuming there will be tax implications. Can anyone recommend a US Tax Advisor or other who can assist? I try to 'google' for one and not getting anything to come up. The trust was just active end of last year '07 and we do not have any papers from it so far (no K1 or 1099) - not sure if we should have rec'd?
We are absolutely clueless about what to do next, especially since Mr. LA Attorney will not return email/phonecalls, and we've never done a dispersement so not sure what to do.
Oh, and also our son's Grandmum who lives in LA (his Mum's Mum) is something like a co-trustee? not really sure but I think she has to approve anything as well, but my husband thinks he is Trustee and has final say? really, we have no clue and no one to advise us. Grandmum is a bit mental and getting worse every day so not sure how much help she will be to make inquiries with her (she truly is mentally ill on loads of medications now and isn't coherent most times I phone her just to stay-in-touch so I hesitate talking about anything 'important' with her).
Hopefully someone can give a glimmer of hope advise!
Kind regards,
Louise from Louisiana (living in UK now)
I have two questions/issues to resolve:
1) My husband has tried contacting the LA Attorney via email asking how we can get our son's college tuition reimbursed. We've no clue how to submit a dispersement request and what details to provide but this Attorney will not contact my husband back (after many attempts). The money is not in a bank, it's with the courts still. In addition, our son is interested in a US land investment near land we own in Asheville, NC. We just obtained the value of the property (a thorough written assessment by a local Asheville realtor) and not sure how he goes about getting monies authorised to buy the land and what tax implications are for him each year? if Trustee (husband) pays the tax, etc. Otherwise, the money just sits in the courts for now which doesn't seem like good idea. Any other suggestions?
2) We have been advised here that my husband may want to revoce himself as Trustee since UK will consider he and our son as UK citizens and that are severe tax implications on the US trust. Though no money has been distributed from it at all, we are trying to get his college tuition for this year reimbursed so assuming there will be tax implications. Can anyone recommend a US Tax Advisor or other who can assist? I try to 'google' for one and not getting anything to come up. The trust was just active end of last year '07 and we do not have any papers from it so far (no K1 or 1099) - not sure if we should have rec'd?
We are absolutely clueless about what to do next, especially since Mr. LA Attorney will not return email/phonecalls, and we've never done a dispersement so not sure what to do.
Oh, and also our son's Grandmum who lives in LA (his Mum's Mum) is something like a co-trustee? not really sure but I think she has to approve anything as well, but my husband thinks he is Trustee and has final say? really, we have no clue and no one to advise us. Grandmum is a bit mental and getting worse every day so not sure how much help she will be to make inquiries with her (she truly is mentally ill on loads of medications now and isn't coherent most times I phone her just to stay-in-touch so I hesitate talking about anything 'important' with her).
Hopefully someone can give a glimmer of hope advise!
Kind regards,
Louise from Louisiana (living in UK now)
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