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Author: dweiss3 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121564  
Subject: Filing Taxes For Parents Trust Date: 1/8/2002 2:14 PM
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I need some help figuring this out. The situation:

Elderly parents - dad passed away 12/18/01, mom has alzheimers and is in nursing home. Most of their assets are under their revocable living trust. I have Power of Attorney for both and am successor trustee for the trust. They filed taxes as "married filing jointly" in the past under dad's SSN. Bank accounts, mutual funds, social security payments, and pension were reported (1099's) under dad's social security #. In addition each had an IRA account under their own SSN and took RMD. Also dad had a varible annuity with him as owner and mom as beneficiary. I have already submitted POA's and have access to all accounts.

For tax year 2001 I believe I can file under dad's SSN and note that he is deceased. But what happens in 2002? Annuity is now reregistered with mom as owner in her SSN. Pension will continue survivor annuity under mom's SSN. Dad's IRA now reregisterd under mom's SSN. Bank accounts and mutual funds continue under trust registration and dad's SSN. Should I also reregister the bank accounts and mutual funds under mom's SSN and file a single tax payer return for mom for 2002? Or do I have to file two separate returns? One for the trust under dad's SSN and one for mom?

I tried to call the IRS help line on this but gave up after 45 minutes on hold.

Any advice will be greatly appreciated.

Dave
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