*****OFF TOPIC"****** trusts and taxes

well, after over half an hour on the phone from nz to calif this morning i
find out new info on closing my moms 'living trust'.
the lawyer told me (no one told me this before btw) that all i need to do is
declare in writing to the trust asset holders that as the trustee the trust
is now closed and all future income should show in my SS#.
i think as it was a 'living trust' in effect it ceases to exist as of moms
passing. therefore, after i pay the g'kids, all the assets become mine and i
am responsible for the taxes on them.
not estate taxes as it is well below the amount at which you even have to
file an estate tax return.
i dont need a lawyer just a tax guy, which i have.
he told me i need a new estate tax number. i dont think i do.
i intend to file a personal tax return (lower taxes than on an estate,
eeeeeeek, by a heap btw) and pay the due taxes and penaltys on that for 2005
and beyond.
anyone with ideas on any of this?
any questions?
having more brainwaves today than i really wanted in the south pacific,
jeanne
Reply to
nzlstar*
No ideas Jeanne. I'm always boggled at the huge tangle you've had to deal with. A lesser woman would be in the loony bin by now. You have my utmost admiration. You are one tough cookie and I hope this can be put behind you SOON! Hugs, Kathyl
Reply to
KJ
oh Kathyl, not such a tough cookie, i've been a heap of crumbs for the most part over all this. other than my 3 months last yr to usa/canada and a couple of days helping dh do his flower deliverys, i've stayed at home and online. its the closest thing to sanity i can muster. mom set it up to be easy and simple. this part of it would have been had i been advised at any of the meetings/phone convos with various interested partys that all i had to do was declare the trust closed, transfer the assets into my name/ss# and get on with it. i only found out that this morning, now to get the rest of them to come to the party and advise irs with corrections for 2005 income and get that tax return done. i just emailed/cc the lawyer and tax guy about my vision of all this. hopefully they will agree. if not i'm gonna get the rest to agree. i will get this done as i see it was always intended to be done, just taking me longer thats all, lol. then on to detroit and with Gen drive to london(to pick up the unsold vase), novi, MI for the big sewing expo, then let the adventure continue. gonna get to paulettes in WV and hopefully on to Houston for the 'really big shoe, uh i mean show', lol. then home again, home again, jiggity jig or whatever, lol. cheers and thanks for your confidence, it really helps to know someone feels that for me. jeanne
Reply to
nzlstar*
If you happen to wander through Iowa in all that....be sure to look me up! I don't "think" I'll be heading to Houston this year...but you never know...my brother lives there and his girlfriend/roommate has moved out. I could go visit him! I wasn't thrilled with her so I did not want to visit. I'm heading to the Texas panhandle on Monday to help my folks again. My mother fell about three weeks ago and broke her pelvis. She's being released from the rehab/nursing home tomorrow. I think my dad is a bit freaked at the thought of playing nurse, so I'll go down for a couple weeks to get them settled, or find some help for them if needed after that. This will be my third trip down this year. I guess I'm making up for not going down for a while! I have a couple places where I can use the internet, so I can check in and read the news here. I'm also taking my sewing machine and a couple projects to work on. It must be late....I'm rambling. KJ
Reply to
KJ
Jeanne,
don't forget to let me know when you are going to be out at Paulette's place!! It's only a few hours away, so there is a definite chance of me (and Rebekah) getting out there!!
Larisa
Reply to
lvann
Oh Dear Jeanne..... I know you will be ecstatic to have all of this behind you, and well relieved! Too bad you're not going to get up to the beautiful Pacific Northwest this trip.... we could go "lime green" shopping to our hearts content. Just have a good time - I insist!!
Hugz Patti in Seattle
Reply to
Patti S
well of course, silly girl. i know u'r not that far from our previous convos in msg'r, lol. i have emailed two of those and waiting for a reply tho i'm thinking it wont be soon enough to fix what i need them to fix before i get there. oh well. all those links you found me sure helped clarify my position, along with info lawyer and tax guy gave me. fingers crossed it all works as i hope it will without too much nonsense. seems straight forward to me from what i've read on the tax site and what i was told earlier in the day. roll on end of this saga, jeanne
Reply to
nzlstar*
oh now, Patti, that is not fair tempting me with all that talk of LIME green. you know i'm a sucker for that little beauty in any form. its not the expense or the time to make it up that way again, its more a matter of 'how much energy does this old body have left in her'. i wont know that til i'm there and get thru the first stop in calif and then picking up the vase in london. still hoping i can figure out a way to sell it in usa for a decent price rather than have to carry it home again. oh dear me. all these things to do. it all takes a toll on the grey matter as well. sometimes i wander round in a blur. i will have a good time somewhere while over there tho. i promise, lol. heck all the s.e.x. i'll get to have is fun, eh. cheers, jeanne
Reply to
nzlstar*
I have quite a collection of lime greens - one of my favorites as well, so if you are ever up NY way, I'll let you pick through them. Even have some I dyed myself.
Linda PATCHogue, NY
Reply to
Witchy Stitcher
heheheh, that ought to get her juices flowing! I'm even ready to come! How far are you from Albany?? KJ
Reply to
KJ
Linda, you and Kathyl are bad to the bone. all that LIME stash needing more fondling. oh my!! if i had my way i'd visit every single rctq member on the planet, well in usa anyhow. being so many of you i'm sure it would take a long long time. i'm only allowed to stay out of NZ for 6 months at a time or i'll lose my permanent residency. eeeeek. cant have that now can i. trying to work out the best date to book return flight. cant do going flight til i work out best return date and as the plans are mostly by the seat of my pants, makes it rather hard to do. think think think jeanne, argh. cheers, jeanne
Reply to
nzlstar*
Pauline, i've never sold or bought anything off ebay. from what i understand due to the nature of the item, it is not insurable for shipping by anyone or cost is thru the roof. its an antique tiffany glass vase. highly fragile and irreplaceable. see my problem now. if there were a superb antique auction house in usa that i trusted to get what my research suggests it is worth, that i'd consider. i'd rather not carry it home but i wont sell it cheap. rather keep it in the family if thats the case. air nz says as long as its within overhead locker size i can carry it onboard. whewwwww. cheers, jeanne
Reply to
nzlstar*

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