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Do you pay taxes on a trust inheritance?
Depending on where someone lives depends on the need to pay taxes on any inheritance they get from a living trust. The beneficiary of an estate from inheritance will need to pay taxes to take possession of assets.
What assets are easily convertable into cash among current assets and liquid assets?
Marketable securities are those assets which can easily convert to cash when the need arise to convert them.
How do you cash a check payable to a trust if both trustees have passed and their is no trust account to deposit the check into and you are the successor trustee?
You have at least two options. If possible, you could cash the check at the bank the check is drawn from. You would need to show proof of your identity, proof of the trust and proof of your appointment as successor trustee. Or, you must open a bank account in the name of the trust. If your trust receives checks then it needs a bank account. You would need the same proof as stated above to open an account. The bank would probably hold the check until it has cleared since you don't have any other trust funds to deposit that would cover that check. When assets are placed in a trust you must follow the provisions of the trust and trust law when dealing with the property.
Can a beneficiary of a trust be bought out and if so does a buy out agreement need to be recorded?
You need to review the provisions of the trust to determine if the trust allows a "beneficiary buy-out".
Which tangible fixed assets would not normally be depreciated?
Tangible fixed assets with an infinite life such as land do not need to be depreciated.
What documents would someone need to have with them when applying for a business loan?
People that apply for business loans will need to bring documents. The documents brought should regard the business, including tax returns, assets and debts.
Do you have to have copies of the bills you owe or just the names of the companies and approximate debt?
When filing for BK, you will be given a list of the documents that you need to provide the court. Federal and State tax returns for the previous two (sometimes three) years. The most recent copy of checking/saving accounts. If you are a homeowner, the Deed of Trust and the Title. A listing of your monthly expenses. The most recent bills from all of your creditors. And all other documents pertaining to your assets and debts.
Is there a specific document to revoke a trust and if so does it need to be recorded or witnessed or notorized?
You need to check with the state laws that govern the trust. In Missouri, you should have a document that clearly references the original trust, points to the grantor's power to revoke within the document, and clearly indicate your desire to revoke it. It should also be notarized, but there would be no need to record it or have witnesses. Be sure not to revoke a valid trust that holds assets until the assets are transferred out of the trust.
Do you pay taxes on a trust inheritance?
Depending on where someone lives depends on the need to pay taxes on any inheritance they get from a living trust. The beneficiary of an estate from inheritance will need to pay taxes to take possession of assets.
Is there a timeline for distribution of assets in a living trust?
For anything you want to know about a specific trust you need to review the language in the trust document. Everything about a trust such as the time line for distribution, powers of the trustee, beneficiaries, etc., must be set forth in the document that creates it.
What type of domestic investment account should you open that would protect your investments from creditors and lien holders?
You would need to set up a trust that would be the owner of the account. However, the trust would need to meet certain requirements to protect your assets from creditors. You would no longer be able to have any control over the assets because the trustee would have control. You need to seek the advice of an attorney who specializes in trust law to discuss your options.
Living Trust Revocation?
Get StartedThe Living Trust Revocation is a document used to revoke a living trust or joint living trust. The Revocation can be used to either dismantle the entire plan of using a revocable living trust or to revoke the "old" living trust in preparation for preparing and signing a "new" living trust. However, if a new living trust will be created, and if it will have the same number of grantors as the revoked living trust, consider amending and restating the existing living trust instead of revoking it. If the living trust is merely restated and not revoked/replaced, the assets already transferred to the living trust will remain in the living trust, avoiding the need to transfer each of them. (See this program's Living Trust or Joint Living Trust documents and select the option to "Amend" the Trust.)
In California does the executor have to be appointed by the court even if the trust states who the executor is?
In California, if the trust clearly designates an executor, the court generally does not need to appoint one. However, in some situations, such as disputes or issues with the designated executor, the court may become involved. It is advisable to consult with a legal professional to ensure that all requirements are met.
When decedent has a Will and several Trusts and the will is fairly neutral but the Trust Documents definitely are not then how does a potential beneficiary contest the Trusts?
If you are an heir at law and feel you have not been treated fairly in the will then you may be able to claim an elective share of the estate assets under your state laws. State laws vary so you will need to speak with an attorney to ascertain what your rights are.
In a trust what happens to the property when the trustee passes away?
The trust should list a successor trustee. If it doesn't, then will likely need to file a petition with the court to name a new trustee.
How do I set up a living trusts?
You would need to consult with your bank, attorney or financial advisor to get started. You willthen have to fill out the paperwork and decide what assets will be included int he trust.
In the event of death of parents who needs a deed of trust?
You need to have a deed of trust in the event that you die. Therefore if you want to leave people things or give people the power over your assets it will be taken care of. If you have one of these there won't be any confusion in the family as to who has what.
