receiving inherited trust assets

[mohaabtsh40]

What is the name of your state (only U.S. law)? california
I am in california and i have not filed taxes in years, no income either and have creditors also, how do i receive an inheritance from a trust in colorado that i am a cotrustee of, without irs or creditors taking it, for previous debts? Do i need to put it into a trust? What type of trust account do i need to set up? It is hard to find this answer because i am not referring to taxes on the trust, rather possible collections for the past. and /or penalties for non filing and so on. Also the CA franchise board has been made the collector for other debts as well. I will fix the debts, but i want to be able to manage how who and when on my own rather than having them just snatch it from me. There just isnt enough that i am receiving, after a family legal battle, (still happening, need help in my other thread), for me to lose it all in that way.

 

[Zigner]

What is the name of your state (only U.S. law)? california
I am in california and i have not filed taxes in years, no income either and have creditors also, how do i receive an inheritance from a trust in colorado that i am a cotrustee of, without irs or creditors taking it, for previous debts? Do i need to put it into a trust? What type of trust account do i need to set up? It is hard to find this answer because i am not referring to taxes on the trust, rather possible collections for the past. and /or penalties for non filing and so on. Also the CA franchise board has been made the collector for other debts as well. I will fix the debts, but i want to be able to manage how who and when on my own rather than having them just snatch it from me.

You expect us to help you continue as a tax evader?

 

[davew128]

What he said. Seriously. Golden opportunity to wipe out debt that's hindering your life without having to do anything and you want to bleep it up like this? Is your name Lamar Odom?

 

[LdiJ]

What is the name of your state (only U.S. law)? california
I am in california and i have not filed taxes in years, no income either and have creditors also, how do i receive an inheritance from a trust in colorado that i am a cotrustee of, without irs or creditors taking it, for previous debts? Do i need to put it into a trust? What type of trust account do i need to set up? It is hard to find this answer because i am not referring to taxes on the trust, rather possible collections for the past. and /or penalties for non filing and so on. Also the CA franchise board has been made the collector for other debts as well. I will fix the debts, but i want to be able to manage how who and when on my own rather than having them just snatch it from me. There just isnt enough that i am receiving, after a family legal battle, (still happening, need help in my other thread), for me to lose it all in that way.

Just to be clear...

Did you not file taxes because you had no income and therefore did not need to file, or did you not file taxes when you were required to do so?

If you needed to file, then get the returns prepared and see where you actually stand before you make any foolish decisions.

 

[Just Blue]

Px Hx.
....

 

[curb1]

This is your chance to get your economic life in proper condition. Take advantage of the opportunity and quit skating.

 

[Dandy Don]

How much money will you be receiving (approximately)? How much do you owe in debt?

It really doesn't matter what type of account you set up--a regular checking account will do, and a trust account is not necessarily needed. You will be able to pay off some of the debt with checks you write, but the government agencies will be notified by law about what you receive, so the government entities (the IRS and the California Franchise Board as creditors) will be able to take a portion of what you receive by garnishment or attachment.

Getting the back income taxes computed should be done by your consulting with a local tax accountant who specializes in unpaid taxes for past years. Then after you have determined how much taxes you owe, you can have a better idea of how your income will be distributed to get the taxes and other debts paid off. Get the past due federal and state income taxes paid first (those are the most important because the longer they remain unpaid, the interest and penalties are hefty and can grow to be substantial very quickly if left unpaid).

 

[davew128]

but the government agencies will be notified by law about what you receive

They will? Really? I don't advocate hiding assets to avoid legitimate debts, but this is wholly incorrect. The taxing authorities only know about accounts when they check, not when money goes in or out of them.

 

[mohaabtsh40]

I did not file because i had no income to report. I didnt say i was evading , or even avoiding my debt, i said that i want to be the one who prioritizes and pays the debts, rather than having all my money taken from me as soon as i get it. I will use tax person to handle what taxes need to be handled but i made no income so you cannot assume i am running and hiding from it. I do think that i am receiving less than my total debt.

I am not asking for help evading i am asking for help maintaining some dignity by managing these assets myself without it being raped from my behind.

 

[curb1]

You are not "being raped from my behind" by someone asking/forcing you to pay the debts you owe. It will come down to which person/organization you owe that is most aggressive and has the legal right to pursue the debt. You will not have the leeway to pay just those you want to pay.

 

[mohaabtsh40]

You are not "being raped from my behind" by someone asking/forcing you to pay the debts you owe. It will come down to which person/organization you owe that is most aggressive and has the legal right to pursue the debt. You will not have the leeway to pay just those you want to pay.

You are saying there is no way to protect the assets from this trust by starting a new trust?

 

[I'mTheFather]

You are saying there is no way to protect the assets from this trust by starting a new trust?

If anyone has a judgment to collect from you, no trust will protect the assets forever. Even in a trust, as soon as you're able to take a disbursement, well... you won't. They will.

 

[mohaabtsh40]

If anyone has a judgment to collect from you, no trust will protect the assets forever. Even in a trust, as soon as you're able to take a disbursement, well... you won't. They will.

i have received several so far.

Also to clarify, I do not owe back taxes. There is collections that were turned over to the state franchise tax board, but they are not for taxes. I should not owe taxes if I haven't had an income. Sadly, I have to rely on others to get by. Fortunately I know some generous people, or I wouldn't be able to get online to look for solutions to these problems.

 

[mohaabtsh40]

You expect us to help you continue as a tax evader?

I do not owe for taxes. So where do you think i am a tax evader?

davew128
What he said. Seriously. Golden opportunity to wipe out debt that's hindering your life without having to do anything and you want to bleep it up like this? Is your name Lamar Odom?

Thank you for the insult, but next time you go to insult someone make sure you read what they wrote more clearly. I am not evading taxes, in fact I am communicating with the creditors but the creditors are not taxes.

Its so funny when an idiot calls the other idiot an idiot

 

[Zigner]

I do not owe for taxes. So where do you think i am a tax evader?

davew128
What he said. Seriously. Golden opportunity to wipe out debt that's hindering your life without having to do anything and you want to bleep it up like this? Is your name Lamar Odom?

Thank you for the insult, but next time you go to insult someone make sure you read what they wrote more clearly. I am not evading taxes, in fact I am communicating with the creditors but the creditors are not taxes.

Its so funny when an idiot calls the other idiot an idiot

So, exactly what DO you owe? The only other thing that jumps to mind is child support.