Tag Archives: Trust

20 Children or 2?

Today TaxMama® hears from BlueSage in the TaxQuips Forum with this question. “Is it better to declare 20 children and then store the tax one would pay in an investment account, and use that money to pay taxes at year end? Or is it better to declare the right amount of children, pay as you […]

Irrevocable Trust

Today TaxMama® hears from RG in the TaxQuips Forum with an oxymoron. “Can an irrevocable living trust be changed by the person that created it?” 

Transfer S Corp to Trust

Today TaxMama® hears from Todd in the TaxQuips Forum who is looking to the future. “I am transferring ownership of a sub-chapter  S corporation from myself to a family trust. I have a question on IRS form 2553, in part K, where I need to list both former and current owner of the corporation. Since […]

Surviving Spouses to Benefit from Portability Election

Courtesy of IRS. [TaxMama note: IRS issued this announcement on Sept 29, 2011. Not quite enough time to post this, much less for you to use this information by October 3rd. If you missed the deadline and didn’t get to file for an extension, try to get the extension anyway.  The rules for last year […]

Trustee Fees

Today TaxMama hears from Phil in South Carolina who tells us. “I manage my parents’ Trust and hold the Power Of Attorney for their estate. The Trust states that I am to be compensated for these services. Is there a general rule of thumb for compensation for these services?”