Trusts and Estates Answers
what are the capital gains tax rate for estates and trusts?
Q.
Asked by L - Fri Sep 11 14:28:32 2009 - United States - 1 Answers - Comments
A. If the trust/estate doesn't distribute the income, use the rates shown in the 1041 instructions. The LTCG rate applies to any asset owned on the date of death. Just like an individual, there is currently a 0%/15% rate breakdown, but the tax brackets are much smaller. If the trust/estate does distribute the income, the beneficiaries use their own tax rates.
Answered by a tax lady - Fri Sep 11 14:52:05 2009
Q.
Asked by L - Fri Sep 11 14:28:32 2009 - United States - 1 Answers - Comments
A. If the trust/estate doesn't distribute the income, use the rates shown in the 1041 instructions. The LTCG rate applies to any asset owned on the date of death. Just like an individual, there is currently a 0%/15% rate breakdown, but the tax brackets are much smaller. If the trust/estate does distribute the income, the beneficiaries use their own tax rates.
Answered by a tax lady - Fri Sep 11 14:52:05 2009
How do you find a good lawyer in Florida that specializes in the following?
Q. wills, trusts, and estate planning? How do you separate the average from the best?
Asked by nsn - Sat Jan 3 16:43:17 2009 - Law & Ethics - 5 Answers - Comments
A. A place I've found to be a good source is: They have ratings and reviews for lawyers in all fields of law. In general it's a good place to know about, because you have access to a lawyer if you should need their legal services. If you're seeking a lawyer for any of the above topics you listed. I personally would call a few in your local area, and get a feel for the office. Speaking with the administrative assistant is a good start, it'll tell you alot about their practice. Are they pleasant, abrasive, inpatient? The best thing to do is seek a consultation, you'll get a real good idea of whether you'll want them to represent you or not. Good Luck!
Answered by Lynn Miller - Wed Jan 7 09:42:27 2009
Q. wills, trusts, and estate planning? How do you separate the average from the best?
Asked by nsn - Sat Jan 3 16:43:17 2009 - Law & Ethics - 5 Answers - Comments
A. A place I've found to be a good source is: They have ratings and reviews for lawyers in all fields of law. In general it's a good place to know about, because you have access to a lawyer if you should need their legal services. If you're seeking a lawyer for any of the above topics you listed. I personally would call a few in your local area, and get a feel for the office. Speaking with the administrative assistant is a good start, it'll tell you alot about their practice. Are they pleasant, abrasive, inpatient? The best thing to do is seek a consultation, you'll get a real good idea of whether you'll want them to represent you or not. Good Luck!
Answered by Lynn Miller - Wed Jan 7 09:42:27 2009
Is Estate and Trust Administration an occupation? Or is it only appointed?
Q. I just want to know if someone can open up a business to be an administrator of estates and trusts...I know that lawyers can do it...but can just anyone do it?
Asked by Ozzy - Tue Mar 15 02:42:25 2011 - Law & Ethics - 2 Answers - Comments
A. You don't have to be a lawyer in my state.
Answered by CW - Tue Mar 15 02:47:00 2011
Q. I just want to know if someone can open up a business to be an administrator of estates and trusts...I know that lawyers can do it...but can just anyone do it?
Asked by Ozzy - Tue Mar 15 02:42:25 2011 - Law & Ethics - 2 Answers - Comments
A. You don't have to be a lawyer in my state.
Answered by CW - Tue Mar 15 02:47:00 2011
how do you unseal estate trusts?
Q. before father died he had everything put in a trust to my sister and i.my mother is still alive yet is dead to the estate.can i use any of the estate funds even though she is still alive?
Asked by erocm72 - Fri Jun 2 18:53:47 2006 - Law & Ethics - 1 Answers - Comments
A. The court has to do that, get a lawyer.
Answered by CottonPatch - Fri Jun 9 08:54:42 2006
Q. before father died he had everything put in a trust to my sister and i.my mother is still alive yet is dead to the estate.can i use any of the estate funds even though she is still alive?
Asked by erocm72 - Fri Jun 2 18:53:47 2006 - Law & Ethics - 1 Answers - Comments
A. The court has to do that, get a lawyer.
Answered by CottonPatch - Fri Jun 9 08:54:42 2006
How do you put a home you own into a real estate trust?
Q. We own a home that is impossible to afford (got screwed by a mortgage company). We also own a business which operates from our home, and which can't exist without our home. We would like to "sell" or transfer the house to the business and then rent it from the business for an affordible amount. We thought creating a trust might work. Any ideas on the best way to fix this mess would be great.
Asked by Caryn - Sun Dec 31 15:50:10 2006 - Renting & Real Estate - 3 Answers - Comments
A. Its actually pretty easy. You need to speak with someone who specializes in this sort of thing. They will handle all the paperwork for you. You want to use a proffesional, becasue they "Generally" don't make mistakes. I have all my property in trust. Its great for protection. Do an online search in your area for "Asset Protection" or "Setting Up A Trust" It should run you about 200-400 dollars to complete the whole thing.
Answered by CrazyAces - Sun Dec 31 15:54:07 2006
Q. We own a home that is impossible to afford (got screwed by a mortgage company). We also own a business which operates from our home, and which can't exist without our home. We would like to "sell" or transfer the house to the business and then rent it from the business for an affordible amount. We thought creating a trust might work. Any ideas on the best way to fix this mess would be great.
Asked by Caryn - Sun Dec 31 15:50:10 2006 - Renting & Real Estate - 3 Answers - Comments
A. Its actually pretty easy. You need to speak with someone who specializes in this sort of thing. They will handle all the paperwork for you. You want to use a proffesional, becasue they "Generally" don't make mistakes. I have all my property in trust. Its great for protection. Do an online search in your area for "Asset Protection" or "Setting Up A Trust" It should run you about 200-400 dollars to complete the whole thing.
Answered by CrazyAces - Sun Dec 31 15:54:07 2006
Can i reopen a settled trust estate case if i was not aware that there was a pour over will until after signin?
Q. I was omitted from my fathers trust estate but it did not state why. My brother was executor . I did not know there was a pour over will until after I had signed a settlement agreement. The attorney representing me had to send me the whole file when I was going to sue him for legal malpractice. That is when I found out there was a pour over will. .The final order and release agreement was july 19, 2007.
Asked by ganked36 - Fri Jan 30 04:23:49 2009 - Law & Ethics - 1 Answers - Comments
A. I don't know if you would be able to or not, however, i am not sure what you would accomplish if you were to re-open a settled trust (that you were omitted from), simply because you have discovered that there was a pour over will? - Since pour over wills are typically used in conjunction with a trust, as a type of safety net or "catch all" to catch any remaining/unknown/forgotten assets that a person might have had left (outside the trust), by simply "pouring them over" or transferring them, into the trust itself, (which, you state that you were already omitted from), upon their death... So, unless you were specifically listed/named in the pour over will, as a beneficiary of any of those remaining assets? (if there even… [cont.]
Answered by califoriental - Sat Jan 31 19:00:14 2009
Q. I was omitted from my fathers trust estate but it did not state why. My brother was executor . I did not know there was a pour over will until after I had signed a settlement agreement. The attorney representing me had to send me the whole file when I was going to sue him for legal malpractice. That is when I found out there was a pour over will. .The final order and release agreement was july 19, 2007.
Asked by ganked36 - Fri Jan 30 04:23:49 2009 - Law & Ethics - 1 Answers - Comments
A. I don't know if you would be able to or not, however, i am not sure what you would accomplish if you were to re-open a settled trust (that you were omitted from), simply because you have discovered that there was a pour over will? - Since pour over wills are typically used in conjunction with a trust, as a type of safety net or "catch all" to catch any remaining/unknown/forgotten assets that a person might have had left (outside the trust), by simply "pouring them over" or transferring them, into the trust itself, (which, you state that you were already omitted from), upon their death... So, unless you were specifically listed/named in the pour over will, as a beneficiary of any of those remaining assets? (if there even… [cont.]
Answered by califoriental - Sat Jan 31 19:00:14 2009
What kind of bank/checking account do you need to set up if you are managing a commercial...?
Q. ...property for an estate? I am preparing to begin managing a commercial plaza for an estate and wondering what type of bank accounts are acceptable/legal to enact business on behalf of the trust/estate?
Asked by Leyton - Fri Nov 19 02:57:52 2010 - Personal Finance - 3 Answers - Comments
A. a federal tax ID for the estate as you will be filing a 1041 for as long as you manage the properties. The estate will pay taxes at an individual rate, assuming the properties are not incorporated. If the properties are within a corporate structure, you should set up a seperate corporate operating account that you alone as a trustee control and NOT comingle the funds with other operating funds of the corporation. You will not have to obatin a new TIN# if the properties are within and existing. Eventually you will will be accoutable to the beneficiaries to the estate, and whoa be unto you if the books are not indepently auditable. If you are going to have employees working for you, you will need two additional checking accounts. A payroll… [cont.]
Answered by bromate - Fri Nov 19 23:46:32 2010
Q. ...property for an estate? I am preparing to begin managing a commercial plaza for an estate and wondering what type of bank accounts are acceptable/legal to enact business on behalf of the trust/estate?
Asked by Leyton - Fri Nov 19 02:57:52 2010 - Personal Finance - 3 Answers - Comments
A. a federal tax ID for the estate as you will be filing a 1041 for as long as you manage the properties. The estate will pay taxes at an individual rate, assuming the properties are not incorporated. If the properties are within a corporate structure, you should set up a seperate corporate operating account that you alone as a trustee control and NOT comingle the funds with other operating funds of the corporation. You will not have to obatin a new TIN# if the properties are within and existing. Eventually you will will be accoutable to the beneficiaries to the estate, and whoa be unto you if the books are not indepently auditable. If you are going to have employees working for you, you will need two additional checking accounts. A payroll… [cont.]
Answered by bromate - Fri Nov 19 23:46:32 2010
5. Why is it essential for paralegals working in the field of wills, estates, and trusts?
Q. and to have a fundamental understanding of the meaning of property, the various kinds of property, and how it relates to this specialized area of law?
Asked by ABC - Thu Jan 24 17:13:50 2008 - Law & Ethics - 2 Answers - Comments
A. Because the laws of real property, personal property, and trusts are rife with pitfalls for the unwary. You need an idea of the various kinds of interest one can have in property, because one cannot convey more interest than he has in real or personal property. You could "cloud" a title, thus causing the true owner needless expense in clearing it. You need an idea of the kinds of tenancy, so you know whether a testator's interest can be conveyed via a will. If the deed says it's a husband/wife joint tenancy with right of survivorship, there's a problem if he's trying to convey that house to his Uncle Bo in the will. When he croaks, by operation of law the house passes to his wife. If you're doing a trust, you want an idea of the… [cont.]
Answered by Spock Jenkins - Thu Jan 24 17:27:30 2008
Q. and to have a fundamental understanding of the meaning of property, the various kinds of property, and how it relates to this specialized area of law?
Asked by ABC - Thu Jan 24 17:13:50 2008 - Law & Ethics - 2 Answers - Comments
A. Because the laws of real property, personal property, and trusts are rife with pitfalls for the unwary. You need an idea of the various kinds of interest one can have in property, because one cannot convey more interest than he has in real or personal property. You could "cloud" a title, thus causing the true owner needless expense in clearing it. You need an idea of the kinds of tenancy, so you know whether a testator's interest can be conveyed via a will. If the deed says it's a husband/wife joint tenancy with right of survivorship, there's a problem if he's trying to convey that house to his Uncle Bo in the will. When he croaks, by operation of law the house passes to his wife. If you're doing a trust, you want an idea of the… [cont.]
Answered by Spock Jenkins - Thu Jan 24 17:27:30 2008
What is the average age that people write wills and trusts or plan thier estates?
Q.
Asked by Sam P - Mon Jun 30 09:11:59 2008 - Personal Finance - 4 Answers - Comments
A. Its a good idea to plan ur estate right now ... stop reading a start planning!!! Ive just finished a course on wills and estate planning and can tell you that when you die (which you will) the last thing you want is for your friends and family to be left fighting over who gets what and forking out hundreds paying solicitors to do complicated tasks which would have been ten times easier when you were alive. And then theres the biggy, by planning your estate now it will be possible to minimise your tax liability, so that when you eventually pass on, johnny taxman doesnt get more of your estate than your family.
Answered by Glamorganer - Mon Jun 30 09:24:14 2008
Q.
Asked by Sam P - Mon Jun 30 09:11:59 2008 - Personal Finance - 4 Answers - Comments
A. Its a good idea to plan ur estate right now ... stop reading a start planning!!! Ive just finished a course on wills and estate planning and can tell you that when you die (which you will) the last thing you want is for your friends and family to be left fighting over who gets what and forking out hundreds paying solicitors to do complicated tasks which would have been ten times easier when you were alive. And then theres the biggy, by planning your estate now it will be possible to minimise your tax liability, so that when you eventually pass on, johnny taxman doesnt get more of your estate than your family.
Answered by Glamorganer - Mon Jun 30 09:24:14 2008
Do trust accountants do much of data entry?
Q. I'm looking to specialize in Trust accounting, Absolutely hate Accounts Receivable/ Payables data entry. Can anyone share their experience from the high end - whether Real Estate Trust Accountant roles ever get away from this and focus more on the high end analytical reporting side? Otherwise, I might be planning a career direction back to the Business Advisory focus in a CA environment... All comments appreciated :) Gypsy
Asked by Gypsy - Wed Oct 5 04:56:20 2011 - Corporations - Answers - Comments
Q. I'm looking to specialize in Trust accounting, Absolutely hate Accounts Receivable/ Payables data entry. Can anyone share their experience from the high end - whether Real Estate Trust Accountant roles ever get away from this and focus more on the high end analytical reporting side? Otherwise, I might be planning a career direction back to the Business Advisory focus in a CA environment... All comments appreciated :) Gypsy
Asked by Gypsy - Wed Oct 5 04:56:20 2011 - Corporations - Answers - Comments
UK trusts for estates, is it wise to leave 2 trustees for a discretionary trust, for "quality control"?
Q. my lawyer will be executor, i also appointed my friend to do the tedious crap like going thru my stuff etc calling banks. but im putting all my stuff in a discretionary trust. i figured i would make my lawyer trustee but is it wise to appoint my unlegally trained friend so she can make sure he doesnt try to rip it off or anything? granted i think there will be almost nothing left in trust after all debts, taxes paid etc. i guess since shes not legally trained he could rip the thing off if he wanted to anyway... also, what happens if there is not enough money left in the estate to pay the lawyers fees after taxes etc and debts? is it just forgotten about or what? there may be taxes on accounts that are transferable upon death so not part of… [cont.]
Asked by pickles - Fri Oct 17 10:57:50 2008 - Law & Ethics - 2 Answers - Comments
A. leegleze has given you a large part of the answer. As regards trusts, you will always need a minimum of two trustees (unless appointing a Trust Corporation, which is not the case here). For safety, I would always suggest three.
Answered by old.holly265 - Fri Oct 17 15:24:56 2008
Q. my lawyer will be executor, i also appointed my friend to do the tedious crap like going thru my stuff etc calling banks. but im putting all my stuff in a discretionary trust. i figured i would make my lawyer trustee but is it wise to appoint my unlegally trained friend so she can make sure he doesnt try to rip it off or anything? granted i think there will be almost nothing left in trust after all debts, taxes paid etc. i guess since shes not legally trained he could rip the thing off if he wanted to anyway... also, what happens if there is not enough money left in the estate to pay the lawyers fees after taxes etc and debts? is it just forgotten about or what? there may be taxes on accounts that are transferable upon death so not part of… [cont.]
Asked by pickles - Fri Oct 17 10:57:50 2008 - Law & Ethics - 2 Answers - Comments
A. leegleze has given you a large part of the answer. As regards trusts, you will always need a minimum of two trustees (unless appointing a Trust Corporation, which is not the case here). For safety, I would always suggest three.
Answered by old.holly265 - Fri Oct 17 15:24:56 2008
Are there any cons to selling your house to a real estate trust?
Q. I am looking to sell my home to a real estate trust. The trust takes over my home and the mortgage and makes the monthly mortgage payments. Are there any cons to doing this? From what I know the trust "owns" the home. Is that correct? Is there any way I can get screwed by doing this? Any insight is appreciated.
Asked by tacodomains - Fri Jun 6 12:46:39 2008 - Renting & Real Estate - 3 Answers - Comments
A. This is done all of the time by reputable, honest real estate investors to take over houses "subject to" the existing financing. There are also dishonest investors who also try to take houses "subject 2". The reason it goes into a trust is so that the chain of title does not break, and it will be easier to get an end buyer into the house without a seasoning issue. Anyone can put their house into a trust for asset protection purposes. The beneficial interest is what is actually transferred when the property changes hands. Beneficial interest is not usually public information and doesn't usually get filed with the state/county. And yes, the trust (or beneficiary) now would own the house. In terms of the trust making the… [cont.]
Answered by Hopeful Home Solutions - Fri Jun 6 13:57:24 2008
Q. I am looking to sell my home to a real estate trust. The trust takes over my home and the mortgage and makes the monthly mortgage payments. Are there any cons to doing this? From what I know the trust "owns" the home. Is that correct? Is there any way I can get screwed by doing this? Any insight is appreciated.
Asked by tacodomains - Fri Jun 6 12:46:39 2008 - Renting & Real Estate - 3 Answers - Comments
A. This is done all of the time by reputable, honest real estate investors to take over houses "subject to" the existing financing. There are also dishonest investors who also try to take houses "subject 2". The reason it goes into a trust is so that the chain of title does not break, and it will be easier to get an end buyer into the house without a seasoning issue. Anyone can put their house into a trust for asset protection purposes. The beneficial interest is what is actually transferred when the property changes hands. Beneficial interest is not usually public information and doesn't usually get filed with the state/county. And yes, the trust (or beneficiary) now would own the house. In terms of the trust making the… [cont.]
Answered by Hopeful Home Solutions - Fri Jun 6 13:57:24 2008
Law Students & Law Professors: I need help on a ESTATES & TRUSTS hypothetical involving a will?
Q. A, B & C were friends as kids. Later in life, B married A's first wife Emily. A and Emily didn't have any children during their marriage. A never forgave B for marrying Emily and didn't speak to each other for years. C would always tell A that B and Mary (A's second wife) had an affair a year prior to A's marriage to Mary and that Bill was in fact B's son. A never requested any paternity tests however he always doubted that Bill was his real child. Later on, C (acting as the attorney for Mary) filed for admission for her late husband's will to probate and for letters of testamentary. Bill objected the admission of the probate and alleged that the will was based upon a mistake. The further claimed that as the real son he should be able… [cont.]
Asked by Rinnovare Rinnovare - Sun Oct 31 19:33:05 2010 - Law & Ethics - 2 Answers - Comments
A. You should do your own homework. You aren't even asking for guidance or insight--you are simply asking for the answer to your homework. Get motivated and do your assignment yourself.
Answered by muriel12 - Sun Oct 31 21:02:44 2010
Q. A, B & C were friends as kids. Later in life, B married A's first wife Emily. A and Emily didn't have any children during their marriage. A never forgave B for marrying Emily and didn't speak to each other for years. C would always tell A that B and Mary (A's second wife) had an affair a year prior to A's marriage to Mary and that Bill was in fact B's son. A never requested any paternity tests however he always doubted that Bill was his real child. Later on, C (acting as the attorney for Mary) filed for admission for her late husband's will to probate and for letters of testamentary. Bill objected the admission of the probate and alleged that the will was based upon a mistake. The further claimed that as the real son he should be able… [cont.]
Asked by Rinnovare Rinnovare - Sun Oct 31 19:33:05 2010 - Law & Ethics - 2 Answers - Comments
A. You should do your own homework. You aren't even asking for guidance or insight--you are simply asking for the answer to your homework. Get motivated and do your assignment yourself.
Answered by muriel12 - Sun Oct 31 21:02:44 2010
For a typical U.S. state, what are the laws governing merging a legal estate practice with financial advising?
Q. I'm think of using a law degree to get into a small practice where I could advise clients on wills, trusts, and estates, but I would also like to be more involved on advising clients on market-based investing, becoming a CFA as well. I'm just wondering what are the state jurisdictions in the U.S. most favorable to this set up, and what the typical state laws are for people who want to start up a small firm merging both legal and financial advice.
Asked by C.G.B. Spender - Fri Oct 10 04:08:07 2008 - Financial Services - 2 Answers - Comments
A. If I'm reading correctly, you want to merge estate practice with financial planning. I'm thinking your law degree covers the estate practice. For finacial services you will need the various insurance and securities licenses within your state and the National Association of Securities Dealers. A full range would seem to me to be NASD Series 7,24, and 63, for all but commodities. Your state's Life and Health, might cover the insurance side. Real estate will require its license too. Be careful of conflicts of interest. The best way to protect yourself is making all transactions "Arm's Length", meaning you never control what you're selling.
Answered by Kevin R - Fri Oct 10 10:18:52 2008
Q. I'm think of using a law degree to get into a small practice where I could advise clients on wills, trusts, and estates, but I would also like to be more involved on advising clients on market-based investing, becoming a CFA as well. I'm just wondering what are the state jurisdictions in the U.S. most favorable to this set up, and what the typical state laws are for people who want to start up a small firm merging both legal and financial advice.
Asked by C.G.B. Spender - Fri Oct 10 04:08:07 2008 - Financial Services - 2 Answers - Comments
A. If I'm reading correctly, you want to merge estate practice with financial planning. I'm thinking your law degree covers the estate practice. For finacial services you will need the various insurance and securities licenses within your state and the National Association of Securities Dealers. A full range would seem to me to be NASD Series 7,24, and 63, for all but commodities. Your state's Life and Health, might cover the insurance side. Real estate will require its license too. Be careful of conflicts of interest. The best way to protect yourself is making all transactions "Arm's Length", meaning you never control what you're selling.
Answered by Kevin R - Fri Oct 10 10:18:52 2008
Does a trust or estate need to pay income tax?
Q. I know that a trust or estate,for tax purpose, serves as a tax conduit whereby no income tax on it. Is my understanding correct? if correct, how come the IRS has income tax rates for estates and trusts? If a trust or estate distributes its current year's income to its beneficiaries, does the trust or estate need to pay income tax on its distribution?
Asked by Mike - Wed May 16 11:13:40 2007 - United States - 5 Answers - 2 Comments
A. You're mostly correct, since your basic trust for a decedent is a pass-through entity (or conduit, as you put it). However, a trust may be required to pay tax if it has earned income and has made no distributions to the beneficiaries. Also, an estate return (Form 706) is entirely different than a trust return (Form 1041), because it taxes the gross value of the estate-it's not a pass-through entity, so the estate could conceivably pay estate tax but not owe anything on a trust return because the trust distributed its assets to the beneficiaries. Kind of complicated stuff that I've oversimplified, but I hope that answers your question.
Answered by SuzeY - Wed May 16 11:25:34 2007
Q. I know that a trust or estate,for tax purpose, serves as a tax conduit whereby no income tax on it. Is my understanding correct? if correct, how come the IRS has income tax rates for estates and trusts? If a trust or estate distributes its current year's income to its beneficiaries, does the trust or estate need to pay income tax on its distribution?
Asked by Mike - Wed May 16 11:13:40 2007 - United States - 5 Answers - 2 Comments
A. You're mostly correct, since your basic trust for a decedent is a pass-through entity (or conduit, as you put it). However, a trust may be required to pay tax if it has earned income and has made no distributions to the beneficiaries. Also, an estate return (Form 706) is entirely different than a trust return (Form 1041), because it taxes the gross value of the estate-it's not a pass-through entity, so the estate could conceivably pay estate tax but not owe anything on a trust return because the trust distributed its assets to the beneficiaries. Kind of complicated stuff that I've oversimplified, but I hope that answers your question.
Answered by SuzeY - Wed May 16 11:25:34 2007
How do you find a good lawyer in Florida that specializes?
Q. in wills, trusts, and estate planning? How do you separate the average from the best?
Asked by nsn - Sat Jan 3 16:42:18 2009 - Law & Ethics - 2 Answers - Comments
A. A place I've found to be a good source is: They have ratings and reviews for lawyers in all fields of law. In general it's a good place to know about, because you have access to a lawyer if you should need their legal services. If you're seeking a lawyer for any of the above topics you listed. I personally would call a few in your local area, and get a feel for the office. Speaking with the administrative assistant is a good start, it'll tell you alot about their practice. Are they pleasant, abrasive, inpatient? The best thing to do is seek a consultation, you'll get a real good idea of whether you'll want them to represent you or not. Good Luck!
Answered by Lynn Miller - Wed Jan 7 09:39:36 2009
Q. in wills, trusts, and estate planning? How do you separate the average from the best?
Asked by nsn - Sat Jan 3 16:42:18 2009 - Law & Ethics - 2 Answers - Comments
A. A place I've found to be a good source is: They have ratings and reviews for lawyers in all fields of law. In general it's a good place to know about, because you have access to a lawyer if you should need their legal services. If you're seeking a lawyer for any of the above topics you listed. I personally would call a few in your local area, and get a feel for the office. Speaking with the administrative assistant is a good start, it'll tell you alot about their practice. Are they pleasant, abrasive, inpatient? The best thing to do is seek a consultation, you'll get a real good idea of whether you'll want them to represent you or not. Good Luck!
Answered by Lynn Miller - Wed Jan 7 09:39:36 2009
Why do people put real estate in trusts?
Q. I'm trying to figure out what the benefit is to having property in a trust? Why do people decide to do this and what are the pluses and minuses legally of putting property in a trust?
Asked by Rubina - Wed Aug 9 12:00:27 2006 - Renting & Real Estate - 3 Answers - Comments
A. The most common reason real estate is put into trusts is an effort to avoid inheritance tax. Since often a house represents a large portion of someones estate, putting it into a trust makes sense. If you are talking about multiple properties (investments) it is also put into trust to keep it separate from a business or a singular entity who may be sued for whatever reason. And sometimes these same investors have been known to hide assets in trusts in an (often illegal) effort to avoid taxes. There is no real downside to having real estate in a trust except for it maybe being overly complicated to refinance since it is owned by a "fictional entity".
Answered by linkus86 - Mon Aug 14 14:13:09 2006
Q. I'm trying to figure out what the benefit is to having property in a trust? Why do people decide to do this and what are the pluses and minuses legally of putting property in a trust?
Asked by Rubina - Wed Aug 9 12:00:27 2006 - Renting & Real Estate - 3 Answers - Comments
A. The most common reason real estate is put into trusts is an effort to avoid inheritance tax. Since often a house represents a large portion of someones estate, putting it into a trust makes sense. If you are talking about multiple properties (investments) it is also put into trust to keep it separate from a business or a singular entity who may be sued for whatever reason. And sometimes these same investors have been known to hide assets in trusts in an (often illegal) effort to avoid taxes. There is no real downside to having real estate in a trust except for it maybe being overly complicated to refinance since it is owned by a "fictional entity".
Answered by linkus86 - Mon Aug 14 14:13:09 2006
Can you put the deed of a low income house into a family trust or real estate trust.?
Q. Can you put the deed of a low income house into a family trust or real estate trust. I'm in a risky business and I would like to make sure my family will not lose our house in case of a lawsuit.
Asked by recommendedattorney - Thu Aug 27 15:30:28 2009 - Renting & Real Estate - 2 Answers - Comments
A. If you are a landlord talking about rental housing, then I would recommend a limited partnership instead of a trust. If you are talking about your personal residence, then a revocable living trust will give you a little more protection, but not full protection, as you still have an economic interest in the property. If you fear a lawsuit, the first thing you should do is to get a very good personal umbrella liability insurance policy (PLUP) and commercial umbrella liability insurance policy (CLUP) form your insurance agent. You can probably get $3 million worth of coverage for about $300 a year. Otherwise, talk with a real estate attorney about the best way to title your home. With so much at risk in a real estate protection, getting… [cont.]
Answered by Lauren F - Thu Aug 27 15:37:38 2009
Q. Can you put the deed of a low income house into a family trust or real estate trust. I'm in a risky business and I would like to make sure my family will not lose our house in case of a lawsuit.
Asked by recommendedattorney - Thu Aug 27 15:30:28 2009 - Renting & Real Estate - 2 Answers - Comments
A. If you are a landlord talking about rental housing, then I would recommend a limited partnership instead of a trust. If you are talking about your personal residence, then a revocable living trust will give you a little more protection, but not full protection, as you still have an economic interest in the property. If you fear a lawsuit, the first thing you should do is to get a very good personal umbrella liability insurance policy (PLUP) and commercial umbrella liability insurance policy (CLUP) form your insurance agent. You can probably get $3 million worth of coverage for about $300 a year. Otherwise, talk with a real estate attorney about the best way to title your home. With so much at risk in a real estate protection, getting… [cont.]
Answered by Lauren F - Thu Aug 27 15:37:38 2009
How do you fill out a W-9 for a LLC?
Q. I am a one person business registered as an LLC. Do I need to check the box on the form that says " Limited Liability Company" and then I have to enter tax classification and this is what I have no idea about. Do I need to choose C Corp, S corp, Partnership, or Trust/estate? i am a registered LLC so dont I need to report as an LLC?
Asked by Lea - Wed Mar 30 16:24:33 2011 - United States - 4 Answers - Comments
A. From the IRS standpoint a single member LLC is a disregarded entity. Therefore for purposes of a W9 you have to put your own name first in the top box, in the one below it put the name of your LLC. You check the individual/sole proprietor box NOT the LLC box. Now to choose the proper TIN number to use - in most cases this will be your ss#. You can NOT use the EIN (if any) assigned to the LLC because that number is only for use in payroll and excise taxes, however if you have what's called an Owner's EIN (in other words the EIN you requested from the IRS is in your personal name not the name of the LLC) you can opt to use that instead of your ss#. Hope that helps clear it up.
Answered by kathykoul - Thu Mar 31 08:39:45 2011
Q. I am a one person business registered as an LLC. Do I need to check the box on the form that says " Limited Liability Company" and then I have to enter tax classification and this is what I have no idea about. Do I need to choose C Corp, S corp, Partnership, or Trust/estate? i am a registered LLC so dont I need to report as an LLC?
Asked by Lea - Wed Mar 30 16:24:33 2011 - United States - 4 Answers - Comments
A. From the IRS standpoint a single member LLC is a disregarded entity. Therefore for purposes of a W9 you have to put your own name first in the top box, in the one below it put the name of your LLC. You check the individual/sole proprietor box NOT the LLC box. Now to choose the proper TIN number to use - in most cases this will be your ss#. You can NOT use the EIN (if any) assigned to the LLC because that number is only for use in payroll and excise taxes, however if you have what's called an Owner's EIN (in other words the EIN you requested from the IRS is in your personal name not the name of the LLC) you can opt to use that instead of your ss#. Hope that helps clear it up.
Answered by kathykoul - Thu Mar 31 08:39:45 2011
Will, Trust, and Estates : property Distribution upon death and trust?
Q. i need 5 sentences that talks about property Distribution upon death and 5 sentences about Trust
Asked by ccc - Tue Dec 15 16:47:35 2009 - United States - 1 Answers - Comments
A. Sorry i don't have an answer for your quesitons here. But i just read your question from about a week ago about Farrah from '16 and pregnant' and who was the daddy and if he died. His name is Derek Underwood and he DID die. He died in a car accident because he was drunk driving. He died in December 2008. I just wanted to tell you that because all the other answers were saying that he was still alive.
Answered by *My precious baby boy is here* - Tue Dec 15 23:26:58 2009
Q. i need 5 sentences that talks about property Distribution upon death and 5 sentences about Trust
Asked by ccc - Tue Dec 15 16:47:35 2009 - United States - 1 Answers - Comments
A. Sorry i don't have an answer for your quesitons here. But i just read your question from about a week ago about Farrah from '16 and pregnant' and who was the daddy and if he died. His name is Derek Underwood and he DID die. He died in a car accident because he was drunk driving. He died in December 2008. I just wanted to tell you that because all the other answers were saying that he was still alive.
Answered by *My precious baby boy is here* - Tue Dec 15 23:26:58 2009
From Yahoo Answer Search: 'trusts and estates'
Thu Jan 19 08:36:05 2012
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