Family Trust Funds
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Francisco Said:
Can you set up a trust fund after family member has passed to protect assets?We Answered:
Once the family member has passed, his/her estate has to be probated according to any will or trust previously established. A "posthumous trust" cannot be created. Once the estate is settled and the beneficiaries receive their inheritances, they are free to do what they choose.Thomas Said:
family trust fund taking my babies money?We Answered:
Sorry to hear this, the apparent decrease will be two fold, on the one hand the investment obviously isn't making very much money and on the other hand the administration charges must be quite high.Neither of these facts bode well for the future value of your daughters fund though and you would do well to research a better trust fund for her and investigate transferring the fund to someone that CAN manage it (at least for a reasonable fee).
My Daughters fund is with the children's mutual (via the Derbyshire), it may not be the best, but as far as I know the fund is growing and the charges are low.
It is worth remembering that all investments rise and fall and times at the moment are quite rough generally. Your Daughters trust fund is a LONG TERM investment and you have to look at it like this; over time it may rise and may fall, but in eighteen years, it should grow to a tidy sum. A tidy sum incidentally that your Daughter would never have had with-out the trust fund idea.
Carl Said:
Can I walk in my parent's attorneys office and ask for the copy of the family trust ?We Answered:
It is possible you will be given a copy of the document. You might also just be shown the door. Assuming you are an adult beneficiary you are entitled to a copy.If you are a minor with surviving parents you will have to ask your parents and you have no legal rights to see or demand anything.
Your question lacks sufficient detail to understand the issues you confront. Many trusts have recently suffered great financial investment losses in the stock market, government bond and bank interest payouts which have caused trust payout reduction or elimination.
I suspect your parents have access to what is going on. They may be trying to shelter you from the bad news or simply do not want you to know.
You are merely a trust beneficiary. The Executor's primary duty is to the trust maker. You must first establish your legal standing to inquire or the Judge will have this same conversation with you...
Lester Said:
Family Inheritance Trust Fund Tax Question?We Answered:
http://www.irs.gov/faqs/faq-kw91.htmlFrequently Asked Tax Questions And Answers
Keyword: Inheritance
4.7 Interest/Dividends/Other Types of Income: Gifts & Inheritances
Is the money received from the sale of inherited property considered taxable income?
This will answer what you may need to know. And for your question on the paying the amount on the home etc. your last one. Read that which is provided and you may wish to also check http://www.irs.gov and type in search for Basis because this my good person is what this is called. But read the other first.
PS: Form 1041 does royally suck. You like paperwork? and you will have to fill it out maybe? Well I hope you love long forms.
and Yes, we are an accounting firm.
BC Business Services, Inc.
http://www.bcbsinc.com
Phyllis Said:
How to find out if I am the beneficiary to a family trust fund?We Answered:
I would start with the attorneys who wrote the trust, and find out who the trustee is. The trustee is the person who is responsible for paying out money from the trust (or not paying it out, if the trust restricts certain payments).If her will was filed in probate or family court, you can get a copy of that by going to the courthouse serving the area where she lived. Trusts are not required to be filed in probate court, so you will have to go to the attorney (or your cousin, the nephew) to get it.
It is not unusual that trusts have restrictions on how money can be taken out. For example, it may say something like "$5,000 is to be given per year to my granchildren to help with their college education". Well, if you already graduated, that wouldn't be available to you.
Kent Said:
Do I need a lawyer when the family trust fund is read?We Answered:
You can submit your issue in the following website and a lawyer will contact you within 24hrs. Don't worry about their charges, Its only $1/day. I think this you can afford. Here is the linkhttp://www.usalegalcare.com/
Good luck