What is the name of your state (only U.S. law)? Florida
My mother put in place POD's on the bank accounts for me...she set up a revocable living trust and there are two rental properties in the same state and one sizeable note which she receives a lump sum from every month for principal and interest for the next 7 years. I am the trustee and sole heir, however, I have two siblings. They are not mentioned in the will or trust.
My mother purchased a car for the one sibling but it wasn't paid for before she passed. I was able to pay it off and I signed it over as a gift. What should I expect to provide the IRS/Accountant when doing taxes?
My other sibling is living in one of the properties and I'm paying all the expenses, however, I did give him 5K dollars when he needed it. What should I expect to provide the IRS/Accountant when doing taxes?
Considering that I am taxed at a lesser amount than the Estate when should I take dispersements and do I need to do anything special before I take money out of the trust for personal use. Right now I take administrative costs only.
Since I'm the only heir and there is no question about the will/trust and no challenges I would just like to know what's the proper way to handle taking money to use for myself other than the administrative costs.
Can I just give money as a gift to my siblings or is there paperwork that I should fill out before hand and what are the tax consequences if any and to whom?
My mother put in place POD's on the bank accounts for me...she set up a revocable living trust and there are two rental properties in the same state and one sizeable note which she receives a lump sum from every month for principal and interest for the next 7 years. I am the trustee and sole heir, however, I have two siblings. They are not mentioned in the will or trust.
My mother purchased a car for the one sibling but it wasn't paid for before she passed. I was able to pay it off and I signed it over as a gift. What should I expect to provide the IRS/Accountant when doing taxes?
My other sibling is living in one of the properties and I'm paying all the expenses, however, I did give him 5K dollars when he needed it. What should I expect to provide the IRS/Accountant when doing taxes?
Considering that I am taxed at a lesser amount than the Estate when should I take dispersements and do I need to do anything special before I take money out of the trust for personal use. Right now I take administrative costs only.
Since I'm the only heir and there is no question about the will/trust and no challenges I would just like to know what's the proper way to handle taking money to use for myself other than the administrative costs.
Can I just give money as a gift to my siblings or is there paperwork that I should fill out before hand and what are the tax consequences if any and to whom?