The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Need tax consequences advice please Date:  1/29/2013  4:01 AM
Author:  csm1rr Number:  117574 of 127753

Hi again. I am the trustee of my trust and my brother is the trustee of his trust. My trust is a Personal Asset Trust, (or PAT).

After reading all of y'all's replies I went digging into the filing cabinets. My parents had a Living Trust. After my mother's death, the estate was split, creating a Survivor's Trust and a Decedent's Trust. After my father's death, the estate was divided into two PATs. I have a Personal Asset Trust and so does my brother. The beneficiary(ies) I named will receive their own PAT from my estate after my death.

Does knowing this information help clarify the type of trust I have?

I understand that I need to look into getting paid advice and I will check into the Garrett organization that one of you mentioned.

The lawyer who set up our Personal Asset Trusts is an estate lawyer. The CPA who has done my taxes for 20 years must be close to 90 years old or past that milestone. My brother did find someone younger to do our complicated 2012 taxes but the charge per tax return is more than twice the amount the 90 year old charged per tax return.

Forgive me for being persistent, I am wondering if knowing that I have a Personal Asset Trust and the information I noted in my first two paragraphs, does that information help you to answer any of my previous questions?

I'm not ready to jump in and place any market orders. If you do understand about Personal Asset Trust accounts, would you please read through this thread again and answer my questions?

It sure would help guide my research efforts. If I don't understand what I am finding while doing the research, I definitely will not buy it.

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