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Steven Matlin Greenwood

Steven Greenwood’s Answers

95 total


  • I am a beneficiary of a trust in California and one of the instructions is to create another trust from it for me

    When the money, assets, etc are transferred to my new trust, is it taxable at that time? Can the IRS take outstanding monies owed from it?

    Steven’s Answer

    • Selected as best answer

    The attorney's response above is spot on. That being said, if there is a tax due on the assets that were left to you, the tax should be paid prior to the funding of the trust created for you, eliminating the tax issue thereby. The tax could take the form of an estate tax, income in respect of a decedent (IRD), a capital gain tax, etc. This is why it is so important that the successor trustee find competent legal counsel to guide him or her regarding what must be done. Hope this helps.

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  • I need an attorney who sole practice living trust only, specialty of living trust. please help. i would like to what documents

    i would like to know what documents i need and what are the cost and expenses involved in creating living trust. Do i need a independent administrator for my living trust? Can i be a administrator for my living trust? What are the pote...

    Steven’s Answer

    A good living trust based estate plan will include a revocable living trust custom designed to meet the needs of your particular situation, powers of attorney for financial matters, healthcare directives, a pour over will, HIPAA Directive, living will, and several other important attendant documents. Cost can run from minimal (several hundred $$) to $5,000 to $6,000 depending upon the depth of protection you want to bring to your family and quality of the documentation/service provided.

    You will be the initial administrator, also known as the Trustee, while you are alive; cost is minimal, if any.

    No additional taxes are paid while you are still alive.

    In searching out an estate planning specialist, just be sure they've been at it a while, and can work with you in a manner that you're comfortable with. Hope this helped.

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  • What is a 1040 ein and why won't the Trustee give it up?

    I am the beneficiary of an irrevocable trust. I thought everything was going smoothly until the Trustee would not provide the 1040 form or the ein so I could file taxes. April came and went, I got an extension and now I'm up against the wall with ...

    Steven’s Answer

    Though one could argue whether you have a right to see the IRR trust 1040, your trustee is almost always obligated to file an annual tax return and provide you with a IRS form K-1, showing the taxable income received by you along with other relevant information (including the trust Tax ID#. If you haven't received a K-1. I would inquire of the trustee as to whether a tax return was filed (or is going to be filed) or not. If not, perhaps you can ask why not. Hopefully you have a good relationship with your trustee such that s/he is willing to talk to you. Have you been receiving trust distributions? There is more to this than meets the eye; l I would seek competent legal/tax counsel. Hope this helps.

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  • Can i fill out "community property with right of survivorship" documents?

    or do i need to go to a professional to fill out the forms? i know i have to have the forms notorized. but can i obtains the forms myslef? if so, where do i get them?

    Steven’s Answer

    The lack of facts provided leaves a lot of possible ambiguity but to answer the questions directly, YES, you can prepare the document itself assuming you have the knowledge on how to do so. Forms are readily available on the internet. The problem is knowing which type of deed to use, making sure the deed is properly prepared and recorded. Breaking the current form of tenancy MAY be an issue, avoidance of documentary transfer tax or unnecessary reassessment should also be considered. Frankly, I would think that for the relatively small fee payable to a competent attorney, you would prefer the peace of mind knowing it was done right. One wrong move and you could create a real BIG problem. Hope this helps.

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  • Trust

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    Steven’s Answer

    Yes....?!?!?!

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  • In california i am the executive of my mothers livings trust. the property address is not in the living trust

    the city is named but the physical address is not in the living trust. can i amend the trust to include the address

    Steven’s Answer

    The answer to your question depends substantially upon whether your mother is still alive or not. Once that is discerned, then a series of additional questions come into play. Your power to act also depends upon the language of the trust agreement. By "executive" I am making the assumption you mean "trustee". I'd also be concerned about whether the title had actually be changed in relation to the public record. These are questions only a competent estate planning attorney can help you with. I strongly urge you to seek legal counsel to sort this matter out. Hope that helped.

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  • What does it mean to the property division when one person removed three successor trustee and replaced with her grandchildren?

    They were three trusts set up (two sisters and one brother) stating the division of a piece of property to be divided four ways after all three were deceased. One trustee has passed (sister). The other sister changed her trust three months aft...

    Steven’s Answer

    Attorney Greenberg is essentially correct. The resolution of your issues and the answer to your question is a direct function of what the trust documentation states. Though statutes and/or case law may apply, the first place to look is the paperwork. Without a careful analysis of the documentation in question, there is no way to give a definitive answer. I strongly recommend you seek competent legal counsel, ideally an estate planning attorney who specializes in this area.

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  • Will, estate planning and non-USA resident beneficiary for a Permanent resident

    Me and my spouse are permanent residents in the USA but are citizens of India. If and how can we form a Will and do estate planning to ensure that our family in India becomes the beneficiary in case anything happens to both me and my spouse?

    Steven’s Answer

    Estate planning should be done in the country where you 1) reside, and 2) own property. Inasmuch as you are now residents and presumably are acquiring assets here, you definitely want to prepare an estate plan covering you here. The suggestion of a local successor trustee is a good one since the estate will be administered here. If you own real property in India, additional planning will be required in relation to it. As part of that planning, you will want to have prepared appropriate powers of attorney for financial matters, healthcare directives, living will, HIPAA directive, etc. to assure your preferences are assured in the event of you or your spouse becoming incapacitated. Hope this helps.

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  • Can property be transferred from one family member's living trust to his adult child's living trust? Are there tax consequences?

    Parent holds undeveloped property in his living trust. Adult children wish to begin building on their future portions of the property, but will need loans to do so. If parcels are transferred to children's own trusts, would gift tax for parent and...

    Steven’s Answer

    Regarding the transfer of the land as a gift, the gift tax would apply. It can be mitigated by first, using annual exclusion amounts ($14,000 per year per person), and if the individual gift is in excess of that amount, the lifetime exemption may be invaded up to $5,250,000. After that, a gift tax would be payable. The specifics of how to accomplish this should be discussed with a tax/estate planning professional. Properly done, a gift of this sort could be really valuable with no gift tax being payable, but it must be done correctly; also a gift tax return should be seriously considered. A capital gain tax would be payable if there is gain upon the SALE of the property. No capital gain tax is payable for a gift. Note however, that the one receiving the gift will also inherit the giftor's basis in the property. Again, this can be a complex arena; tax counsel should be consulted to advise on how best to accomplish the desired end result. Hope that helped.

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  • Assuming I have a straight forward living trust to create, how much would that cost and how long does it take to put it together

    Married with 2 kids, own home, and other smaller assets.

    Steven’s Answer

    Though price is certainly a factor one must consider, the old maxim "You get what you pay for" applies here. A couple of guidelines to consider: 1) your attorney should be a specialist in this arena; have a generalist do this work is like asking your primary care physician do brain surgery; 2) ask how long the attorney has specialized in this work; there are a lot of newcomers who just don't have the experience you might prefer; 3) ask how the attorney stays on top of this hair pullingly complex area. Ideally, your attorney will belong to a national group whose sole function is to keep him or her cutting edge, e.g. Wealth Counsel, National Network of Estate Planning Attorneys or the American Academy. And of course you must have a good fit in the more personal context, i.e. do you like what you have seen, presented with, etc. Pricing is an individual matter but seek great value, not the cheapest price. As for completion, if you cooperate in a timely manner it shouldn't take more that 3-4 weeks. Hope this helps.

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