That is correct. You are receiving a gift distribution from the Trust. If you are concerned you can always sit down with a Tax Attorney just to be...

Does the trustee (executor) of a living trust need to be a resident of the state in which the trust is formed?

If it is a Living Trust then he is the Trustee & you are the Successor Trustee. If it is an irrevocable trust, then you are the Trustee and the law...

How long/difficult is the process of appointing a new trustee for a large estate?

Normally there are 3 ways in which a Successor Trustee is designated. First, in the Trust document itself by providing two or three people who can...

Is a ILIT considered a , well not a person exactly but a separate entity in regards to taxes.

First, a Life Insurance Trust is a 'legal person' in the eyes of the law. I hope the video link below will help you. The NEW Lifetime Exemption...

I want a portion of my inheritance to go to another relative. What's the best way to do this?

You can either Disclaim the amount coming to you in favor of the other OR you can pass it via your own Trust. Good Luck.

LIDE INSURANCE TRUST

Because of the CHANGE early this year in the Estate Tax threshold, you'll avoid federal taxes as long as the death benefit is lower than the new...

Retain a Probate attorney to help you File the Motion. Also file a Motion to Compel an Account and if it is not acceptable file a Motion in...

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Would a conservator be given copy of a conservatee's other attorney's documents?

It depends on whether doing so would be a violation of professional ethics. Rather than you getting into the middle of it perhaps it is best if you...

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What is the procedure for closing a Trust?

Aaron and Paul are correct. You can always have your attorney file a Motion to Compel an Accounting and then have a Hearing before the Court to...

In the state of North Carolina: Does Medicare cover Hospice care?

Lawrence and Kelly are both right. Dying at home surrounded by family is better than a sterile clinical type of setting. Look with your Elder Law...