Trusts

Questions & Answers

• Question - Can all children see their parents' living trust?

  People who make living trusts are free to keep their contents secret. But there may be ways you can air out hurt feelings over that.

• Question - If you receive money from an estate in trust for another individual, who pays the income tax on it?

  If you receive money to put in someone else's trust, who pays the income tax? Do you have to pay income tax on this money that's not for your use?

• Question - What can I do to get my money from a trust fund?

  You may have to take legal action to get a stubborn trustee to live up to his or her duties.

• Question - Is there such a thing as an irrevocable maintenance trust fund?

  Irrevocable trusts are forever. But how the trust property is distributed is a matter of form and format.

• Question - I have been diagnosed with terminal cancer. Is there any way to gain early access to the money in a trust?

  When time is of the essence and some creative legal footwork may be required, it might be wise to get help from an experienced local lawyer.

• Question - Do we need to inform the first attorney that we wrote a new will with another attorney?

  When hiring different attorneys to prepare your estate plan, it can buy you some peace of mind to make doubly sure that your documents don't conflict.

• Question - If minor children are left as beneficiaries of insurance policies, who would manage their money?

  This question has been answered by a Caring.com Expert

• Question - How can I set up a trust account in a bank for my granddaughter?

  What kind of trust account should I set up for my grandchild? You could set up a simple trust like a Totten or you could have a lawyer write a trust.

• Question - How do we preserve my deceased father's estate when my mother remarries?

  To find out whether you are slated to get family property when your mother remarries, you have to look at the underlying estate plan.

• Question - What documentation do I need to enable the companies to discuss her accounts with me?

  This question has been answered by a Caring.com Expert

• Question - Who should I see to set up an irrevocable trust?

  Unanswered. Can you help?

• Question - Did the executor of my grandmother's estate do something wrong by not giving me a piece of property willed to my dad and I after my father died?

  Unanswered. Can you help?

• Question - How do we handle a new home purchase with regards to possible future Medicaid needs?

  Unanswered. Can you help?

• Question - What are the benefits of putting a home in a revocable trust?

  There are several possible benefits to putting a home in trust; protecting it from Medicaid rules is not one of them.

• Question - My grandfather left is land in trust to myself and 3 other...

  Unanswered. Can you help?

• Question - As trustee for my parents' living trust, can I manage their affairs if they're unable and do I still need power of attorney?

  The power of a trustee of a living trust extends only to property in that trust.

• Question - What is the best way for my five brothers and me to contribute toward paying for my mother's care?

  Family planning for health care costs that may have tax consequences can get complicated in a hurry. It's one of those situations in which it may be best to call in expert help.