whiskers wrote:

- quote -

Besides the others noting against the wisdom of comingling
of funds, I'll point out that the tax consequences of income
into a trust can be quite onerous at quite low levels--the
rates are higher and escalate much more rapidly than for
personal income tax. You probably want to do everything you
can to minimize income into the trust and need to consult w/
an expert on how to deal with the tax consequences most
appropriately. Also as others said, the trust itself will
detail the terms of what can be done, the question to
resolve is how to meet those obligations in the optimum
manner.

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ed wrote:
- quote -

Comingling may open trust assets to your creditors and your
assets to trust creditors.

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- quote -

Thank you for everyone's advice.

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- quote -

don't know what kind of trust you have

but in any event, its not a good idea to commingle personal
& trust funds

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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whiskers wrote:

- quote -

No. Do not comingle funds. Without reading the trust and
knowing your personal circumstances I can't tell you why not
specifically, but it is a No-No-NO.

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"whiskers" <whiskers222[at]hotmail.com> wrote:

- quote -

I'd have to look at the documents establishing the trust,
but probably not.

Stu

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"whiskers" <whiskers222[at]hotmail.com> wrote:

- quote -

No! Your tax life is already complicated enough with the
requirement to separately report the trust's income and
expenses. Don't make it worse by mixing your personal funds
and expenses.

--
Phil Marti
Clarksburg, MD

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My father had a trust and he died. I am the sucessor trustee
of the trust. the trust owns some land that leases out to a
gas station. The trust receives monthy rental income from
that. I opened up a new trust checking account with a new
EIN. Can i deposit my own money such as my paycheck from my
job and also pay bills from the new trust checking account?
I would like to use it as my personal checking account. Can
I do that?

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