My parents set up an irrevocable trust and I have been named the trustee. The house is part of the trust. My sister and I are 50/50 beneficiaries of the trust. I was not at the meeting with the attorney who set up the trust.
I have some tax questions about various accounts: do they go in the trust, should the trust be named as the beneficiary, should my sister and I be named beneficiaries instead?
1) Life Insurance Policies
2) IRA's and other tax deferred accounts
3) Regular Investment accounts with substantial capital gains
Checking and Savings Accounts: if we moved then to the trust, wouldn't that be a PITA for them to manage the household?
Thank you in asvance.
I have some tax questions about various accounts: do they go in the trust, should the trust be named as the beneficiary, should my sister and I be named beneficiaries instead?
1) Life Insurance Policies
2) IRA's and other tax deferred accounts
3) Regular Investment accounts with substantial capital gains
Checking and Savings Accounts: if we moved then to the trust, wouldn't that be a PITA for them to manage the household?
Thank you in asvance.
