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Can a sibbling contest a trust because he was disenherited.: Brother and wife were accused of missppropriation of funds from fathers checking account. Indtead of prosecuting them, he disenherited him.

Asked 3 months ago in Trusts

Robert’s answer: Anybody who is a natural heir of a deceased person ("decedent") can contest a Will or trust of the decedent. If someone has been disinherited and left nothing, then contesting a Will or trust has no real effect on that person (except the cost of hiring a lawyer and contesting), because they are already no receiving anything.

The ability to contest does not necessarily mean that the person can win, which is another story.

Answered 3 months ago.


Are funds withdrawn from irrevocable trust taxable?: My mother-in-law established an irrevocable trust years ago with her sons as beneficiaries. She is currently on a limited income and eligible for medical and medicare. Due to health issues she is in an assisted living facility. The cost of assisted living is not covered by medical or medicare. My husband needs to withdraw funds from the irrevocable trust to make monthly payments to the assisted living facility. Are the withdrawn funds taxable? If so who is responsible - the trust, my husband or my mother-in-law.

Asked 5 months ago in Trusts

Robert’s answer: The short answer is this:

If the monies withdrawn from the trust are actual income earned by the trust and then distributed out, then your mother-in-law would be responsible for any taxes owing on those monies.

If the monies withdrawn are "principal," then those monies are not taxable income. For example, money taken out of a bank account where the money was already there from prior years would likely not be taxable.

Answered 5 months ago.


How to answer the question on a Cert. of Trust form: #8) Title to trust assets is to be taken in the following manner: : I have filled out the trustee, name of trust, date of trust and all the required information except for question #8:
Title to trust assests is to be taken in the following manner.
I'm not sure what they expect as an answer.

Asked 5 months ago in Trusts

Robert’s answer: Typically, it would be something like this:

"John Smith, trustee or successor in interest of the Jones Trust dated (insert date), or any amendments thereo"

Answered 5 months ago.