Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
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 124931  
Subject: Re: Tax impact receiving from trust accts? Date: 11/16/2012 10:51 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
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.)

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.