bres77376[at]aol.com (CBres77376) wrote:

- quote -

I just treat it like a complex trust until final
distribution is made, although if the trust was revocable
you may want to consider filing an election under section
645 to treat the trust as though it was part of the estate
(which can be done even if there was no estate). There are
certain advantages to being treated like an estate, such as
a $600 exemption instead of a $100 exemption, no estimated
tax payments for the first two years, and a choice of
taxable year.

Another thing to remember is that if the trust document
directs any distributions of specific dollar amounts or
specific properties, those distributions do not carry out
distributable net income.

*Dan Evans
*"One is not superior merely because one
*sees the world as odious."
*Francios Rene de Chateaubriand (1768-1848).

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cbres77376[at]aol.com (CBres77376) wrote:

- quote -

Read the same Publication you would if he died with a will.
The Trust at least kept the mess out of Probate. It
ceased being a "living trust" when the grantor died and now
is just an irrevocable trust and now has a trustee.

ed

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I have done simple trusts before but an stumped trying to
help my sister with the trust return of my stepdad who died
last year. The trust had many pieces of property many
worthless that were to go to different beneficaries however
there were alot of unsecured debts with no money to pay
them. All (worthwhile) property has to be sold to pay the
debts which is going to take a while because they are in a
depressed area. Any remaining money will be split by the %
of property ownership among all the heirs. With this kinda
of agreement I assume that the trust corpus is all of the
properties until outstanding debts are paid and then
everything is distrubuted with k-1's being required at that
time only? Any thoughts

Does anyone have any recomendations for a book or a good
source for doing the taxs on a living trust when its no
longer has a grantor?

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