0
Can you sell your condo if it was paid for cash through an irrevocable trust?
Wiki User
∙ 10y ago
Your answer may lie within the terms of the irrevocable trust. Otherwise, your attorney can help you answer your specific question.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Can a trustee cash a check for an irrevocable trust?
Generally, yes. Cashing checks would be among the usual duties of the trustee. Remember that the trustee is the person appointed to act on behalf of a trust. A trust is a legal relationship created on paper and it needs a person to do the legwork. Trustees have all the powers set forth in the document that created the trust.
Can you cash in CD in trust for?
Can I cash in an in trust for cd
How does the trustee of an irrevocable trust disperse in kind assets to 3 beneficiaries?
ASSUMING that the trust calls for an EQUAL division among the three beneficiaries: Presumably the trust itself is going to contain instructions and specify how this is to be accomplished. If not, and the trust contains more than just an equally divisible amount of cash (i.e.: real property. stocks, bonds, etc) it will have to be valued in its entirety and then divided in as equal a manner as possible. This may involve liquidating all the intangible assets - turning the entire trust into cash and THEN equally dividing the proceeds of the liquidation action.
How do I get a trust cash advance?
A trust cash advance can be obtain by your bank, job or wages stubs submitted to a loan company.
Can you use trust in a sentence?
In God we trust -all others pay cash! How can I trust your answers? Trust me.
Do you have a lein on your property?
yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage
How can I get lawsuit cash advance?
Most of the time you have to go through a company that deals with lawsuite cash advances. There are a lot of these places, so it is improtant to do your research and make sure you choose a place you trust.
Can a cash buyer of a condo legally place a secured first mortgage on the same condo acting as their own private party lender?
Depends on the state or commonwealth you in. Contact an attorney and review your docs
Why should you get a condo insurance?
If your condo is insured, you can receive enough cash to replace your damaged belongings. This type of home insurance gives you security and peace of mind, which are definitely worth the additional expense you will pay for the policy.
Can you buy a condo for cash few months after filling bankruptcy?
No...you cannot do any business at all for 7 years, and if you have any cash you must declare it and you will probably have to hand it over to your creditors.
An irrevocable trust has 300k in cash in it and all income is tax exempt. Distributions were made some from principal some from the tax exempt interest. Is the principal treated as income on K-1?
The income on the trust is either taxed and paid by the trust or the beneficiary of the trust. The income being tax exempt should have been included on a return as what type of income is fully tax exempt for federal and state? A distribution from the trust is not taxable if the taxes on the income had already been paid by the trust. The income on the trust is either taxed and paid by the trust or the beneficiary of the trust. The income being tax exempt should have been included on a return as what type of income is fully tax exempt for federal and state? A distribution from the trust is not taxable if the taxes on the income had already been paid by the trust.
What are common sayings using the word trust?
In God we trust.....all others pay cash. Trust in God and keep your powder dry.
