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What else can I help you with?
What kind of federal penalities are faced with trust fund recoveries?
You can be liable for all unpaid monies, plus rather high interest rates on those monies. Note that if you're a business trustee and don't pay the trust fund tax, you can be held PERSONALLY liable for these monies.
How do you transfer savings to children and still insure they not spend the monies until you are dead?
Include things like this in a Living Trust. In this manner, you control how much and when the monies are distributed, even after you have died.
What are the guidelines for receiving principle money from inherited trust fund?
You need to look at the trust document to see what it says about this.
Can you leave a trust fund to someone if you haven't inherited it yet?
Unlikely. Any assets would revert back to the trust. It would depend on the trust wording.
You inherited a townhome trough an Illinois land trust Do you therefore have legal right to the furnishings?
No not necessarily. It depends on the specifics of he land trust.
What powers and influence will the solicitors acting as trustees on a discretionary trust have on how when and what monies they can release?
The primary determination will be based on how the trust is written. That will determine what their authority is and how it is limited. I expect that they will meet with you and explain the rules if you request it.
Would an executor's fee calculation include monies from a revocable trust that has a trustee other than the estate's personal representative?
Generally no because property placed in a revocable trust is not part of a person's estate.
Do the beneficiaries of a trust have a say as to what happens in the trust?
That will depend on how the trust is written. In most cases the beneficiaries have no say in how the trust is distributed.
What happens if your house is in trust and goes to foreclosure?
What happens? the bank forecloses of course. The fact that the house is in a trust doesnt change anything.
What happens to a trust that you are named in during bankruptcy?
If you are named as a beneficiary in a trust during bankruptcy, the trust may be considered an asset of the bankruptcy estate, depending on the type of trust and the bankruptcy laws in your jurisdiction. The bankruptcy trustee may assess the trust's value and determine if it can be used to pay off creditors. However, if the trust is irrevocable and the beneficiary's interest is contingent or not yet payable, it may not be accessible to creditors. It's essential to consult with a bankruptcy attorney to understand the specific implications for your situation.
What happens when the benefiary of a trust dies?
A properly drafted trust has provisions for the distribution of the trust property upon the death of the beneficiary.
What happens to real estate held in trust during divorce?
That property should be made a part of the divorce negotiations. The attorneys should be made aware of the trust so a decision can be made between the parties or by the court as to the disposition of the property.
