The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Tax impact receiving from trust accts? Date:  11/16/2012  10:51 AM
Author:  Wradical Number:  116929 of 127534

We don't have an attorney - what type of attorney/lawyer should we be looking for so we start looking into the correct listings?
I'm not sure how much YOU (or your wife)actually have to do.

And now I'll share Phil's oft-stated disdain for passive-voice narratives.

Your OP states: "My wife's father passed away last July, and we have only recently received a letter explaining that she need to sign paperwork among with a copy of birth certificate and send it in (to prove she is at least 32, a condition for the "irrevocable" trust funds to be distributed to her). She is also asked if she wants the funds to be delivered "in-kind", or to be sold for cash."

So that makes me curious.
Who sent the letter? And who is doing the asking?
A family member acting as trustee? His/her attorney? Your late father-in-law's attorney? If so, is he/she acting as trustee?

Depending on the answers to the above, the source of the letter just might be the person to start with, as to whether you will have tax filing obligations, or liabilities.

As to what kind of attorney to consult, who did your will?
(PLEASE don't tell us that you don't have a will.) But if you don't, you should.

I'd ask around. Referrals from someone you trust are often the best source of info. Ask business associates, bankers, real estate people, who they know that are good for that sort of thing.

Less desirable, but feasible -you could check the yellow pages to see who does probate, estates, trusts, etc. (Avoid at all costs the guys who advertise for car accident work along with other general legal work. Actually, our accounting firm does the estate and trust work for a couple of lawyers like that.)

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us