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You may need to seek the advice of your tax attorney, the trust attorney or other advisor for the answer you seek.
The clear answer is yes, if the special needs trust is the titled owner of the real estate that is subject to the assessment.
What else can I help you with?
Can a trust fund be used to pay for the child's school fees?
You need to review the provisions of the trust to determine how the funds can be used. Generally, a trust set up for a child allows expenditures related to educational needs.
What happens to a land trust if annual fees are not paid?
If annual fees for a land trust are not paid, the trust may face financial difficulties, which could jeopardize its ability to manage and protect the property. In some cases, the trust may impose penalties or interest on the overdue fees. If the fees remain unpaid for an extended period, the land trust could initiate legal action, potentially leading to foreclosure or loss of the property. Ultimately, the specific consequences depend on the trust's governing documents and applicable state laws.
What are the New York state stuatory trustee fees?
Irrevocble Trust
How much does a trust cost annually?
The annual cost of maintaining a trust can vary widely depending on its complexity and the services required. Generally, expenses may range from a few hundred to several thousand dollars per year. Common costs include trustee fees, legal fees for ongoing administration, tax preparation, and accounting services. It's important to consult with a financial advisor or attorney for a more tailored estimate based on specific trust needs.
What is bayly trust?
Bayly trust assists children towards their tution fees thus helps them make their dreams come true,
What are some fees for a Burger King?
109.99 for a connie special.
Should slotting fees be outlawed?
Slotting fees is the fees that are charged to the suppliers for selling the products of a particular company. This creates a barrier to entry for small businesses who are unable to pay that fees and needs to be outlawed.
Will set up a trust but trust was not funded can the executor raid the estate to fund fees for himself as trustee?
No, he cannot. The offices of testamentary trustee and exutor are separate and distinct from one another even if the same person is to serve as both. Compensation for a trustee comes out of the funds in the trust for work done by the trustee on behalf of the trust. If the trust is unfunded, there are no assets out of which to pay fees to the trustee. Also, if the trust is unfunded then the trustee has done nothing to earn any trustee fees. Compensation of trustees and executors is governed by state laws, so it is important to check the laws of the state of probate for the details.
Are outstanding attorney fees dischargeable?
AnswerAttorneys fees do not receive any special treatment and are dischargeable in bankruptcy. They may receive special treatment where they were awarded as part of a divorce or separation agreement. If the attorneys fees are found to be in the nature of a support obligation then they will not be discharged as part of the bankruptcy.
What is the maximum amount you can put into a living trust?
In the United States, there is no legal limit to the amount one may contribute to a living trust. However, there are costly fees associated with the administration of a living trust.
In a New Jersey Irrevocable Trust what guidelines exist regarding permissible Trustee fees In a Trust with say 1000000 of assets can the Trustee justify annual fees of 100000 Thanks.?
As with any trust, unless there is specific language in the trust concerning limiting fees, you can charge just about anything that you can justify. The only concerns are: 1. Will any "interested party" object to your fees. 2. Is your justification realistic and really justified. 3. Do you think a judge/court would agree with your position. Unfortunately, in many trusts, it all comes down to who is looking, who has the money and time to challenge the trustee, and how honest is the trustee.
In an irrevocable trust is the trustee authorized to use trust funds for legal fees or defense fees associated with operating that trust?
Typically, the answer is yes. The final answer in each case, however, is dependent upon (a) what the terms of the trust agreement provide, and(b) the applicable state law. In addition, the amount of compensation paid from the trust for legal services sometimes is limited by state law or the terms of the trust to "reasonable compensation", which also is a term of art that varies from jurisdiction to jurisdiction. A reasonable attorney fee charged in New York City may not be reasonable if charged in El Paso. Finally, a trustee who is found to have violated its fiduciary duties may be required in some instances to reimburse the trust for legal fees paid from the trust in defense of such violation.
