The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Need tax consequences advice please||Date: 1/30/2013 2:30 AM|
|Author: csm1rr||Number: 117594 of 123046|
Gee, looks like my tax questions gave more questions instead of answers. Thank you to everyone who has been replying.
Re: the service mark and the PAT weblinks. I have not seen any such service mark on anything from my parents' lawyers office on any of their documents, nor mine. Also, interesting to note that when I went to their lawyer's website, there is NO mention about Personal Asset Trusts on there at all. Their website does mention about estate planning and estate administration.
Quoting from Bill's post:
(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.)
"OK. Up to this point that sounds like very conventional estate planning."
After my father's death, the estate was divided into two PATs. I have a Personal Asset Trust and so does my brother. <snip>
"I also am not familiar with the term "Personal Asset Trust." I don't know if that's something peculiar to your state's laws or whether it's a brand name of the brokerage it's invested with."
The term is not from any brokerage firm, and since y'all never heard the Personal Asset Trust term, maybe it is terminology from the state of Texas since I live in it.
Bill does have it correct about my parents' Living Trust, very conventional estate planning.
I thought that the PAT was a conventional "next phase" of the plan after both parents had died.
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.
"Well, those are the two guys you should talk to about the requirement (or not) to file a 1041."
Okay, I googled tax form 1041 to see what it was....looks like it applies to the decedent estate and last tax return. I'm sure our CPA did do the 1041 forms and al