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Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121169  
Subject: Re: Need tax consequences advice please Date: 1/29/2013 10:36 AM
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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.

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. The beneficiary(ies) I named will receive their own PAT from my estate after my death.

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 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. And the fact that a guy is old is not a bad thing. (I'm only 59-1/2; not in that crowd quite yet, but just acquired some new options for retirement planning.) Old lawyers and accountants tend to know a lot about estates and trusts. That's because they know a lot of dead people. And why retire just when all your clients are dying and business is getting good? Seriously, I know a lot of lawyers who think that way.

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.

That might have more to do with the situation with the inheritance and trust setup situation, than whether either one is too high or too low.

Bill
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