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Joseph A Cipparone
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Joseph Cipparone’s Answers

6 total

  • Estate accounting

    My Brother is the trustee of my fathers estate. My father died Just about six years ago and the estate remains open. I asked my brother for an accounting, but he said he is going to charge me for it. I thought I was entitled to a accounting, free ...

    Joseph’s Answer

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    Given that the estate remains open 6 years after your father's death, I would insist on an accounting from the beginning of your brother's tenure as Executor. You have a right to require one. If your brother is trying to dissuade you from requesting a formal accounting, it is a sign that he may be trying to hide something. It will increase the Executor fees of the estate to have your brother submit an accounting but if the estate is significant it could be well worth it. Only by tracing the assets of the estates and the expenditure of funds will you will know if your brother has dealt fairly and honestly with the estate. You need legal representation in this matter and may want to have an accountant review your brother's accounting.

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  • What do these (probate court) decrees mean in layman's terms ie "DUE RETURN OF COMPLIANCE? (involves inheritance $ from a Trust)

    "Any unpaid bequests or legacies shall be paid over to those legally entitled thereto." "The rest, residue, and remainder of said estate be distributed, transferred, and paid over to and among the distributees or their fiduciaries by the ...

    Joseph’s Answer

    In Connecticut, "It is further ORDERED AND DECREED that said fiduciary or interested parties make due return of compliance with this order" means that the fiduciary (Executor or Administrator) must file an Affidavit of Closing after distributing all of the property of the estate in accordance with the proposed distribution. The Probate Court just wants to make sure that the fiduciary carried out what he or she proposed in the Final Account. The Affidavit of Closing is online at http://www.jud.ct.gov/webforms/default.htm#PROBATE if you want to see what it looks like.

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  • Can inherited IRA proceeds be commingled with other funds prior to final distribution?

    Living trust was named the beneficiary of multiple IRA accounts, with the trust further directing distribution to named beneficiaries. The trust is a qualified trust, so that beneficiaries may elect to stretch the IRA. With the initial trustee ...

    Joseph’s Answer

    The inherited IRA cannot be commingled with other assets of the estate. If it is commingled, income tax will be owed on the IRA assets commingled and the beneficiaries will not be able to stretch distributions over their life expectancy. I suggest that you consolidate all of the IRA accounts into one financial institution and set up separate inherited IRA accounts at that one institution. Each account should be in the name of the trust beneficiary "as successor beneficiary on the IRA inherited from [decedent's name]."

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  • How do i remove a trustee from my trust

    about 11 years ago i went thru a rough part in my life and i asked my father to become trustee on my trust so i did not waste it and now i have faimly and have become uneployed and have asked my father to help with giving me some money out of my ...

    Joseph’s Answer

    You need to review the trust with a trust & estate lawyer. Look at the provision in the trust concerning the appointment and removal of trustees. Most trusts today allow a beneficiary to remove a trustee. Older trusts tend to not allow removal. If the trust allows you to remove the trustee, then you must confront how is a successor trustee appointed. If you can appoint the trustee as beneficiary, then you simply prepare a Change of Trustee letter addressed to your father and signed by you and the person accepting your appointment as Trustee. You send a copy of the letter to your father and the financial institution holding the trust fund. The new Trustee then contacts the financial institution to fill out their documentation to change the name of the Trustee on the account.

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  • I own a property in CT that is part of an irrevocable trust what do I have to do get it out of the trust so that I may refinance

    none

    Joseph’s Answer

    Usually, real estate is distributed to a beneficiary by Trustee's Deed. The Trust usually includes the power to transfer real estate but you need to check the trustee powers to confirm. If the Trust does not have such a power and it was created upon the death of the settlor, you would need to go to probate court for approval of the transfer. Watch out for income tax consequences and Connecticut real estate conveyance tax consequences from such a distribution. You need a trusts & estate attorney to properly handle this distribution.

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  • Metlife paid me my irrevocable trust money but I don't know where the trust is set up to deposit it, no paperwork left

    I was listed as co trustee on my fathers irrevocable trust. we satisfied MetLife with the death certificate and proof that we were listed as beneficiaries of the trust. Now I have a 100k check made out to the trust and no way to know where this ...

    Joseph’s Answer

    You must create a trust account at a financial institution. You will need a Tax Identification Number (TIN) from the IRS to do so. You can apply for a TIN through the IRS web site. You create the account by signing an account application as a Co-Trustee. The financial institution will require a copy of the Trust and the original check endorsed on the back by you as Trustee. Once the funds are in the trust account, you must follow the language of the trust. Is the principal to be distributed outright to the beneficiaries or remain in trust for their benefit? You need to read the trust closely. Trusts are complicated. Given the money involved it would be wise to retain a trust lawyer to provide assistance.

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