[WSBAPT] division of RLT a little late...

[Mark Higgins]

Melinda--I have done one of these divisions and funding of trusts for an
estate 12 years after death.  Your client is now 16 years after the fact,
which is similar.  My project included funding for credit trust and marital
deduction trust under the will of the deceased spouse, as of her death 12
years earlier, and determining surviving spouse share to be individually
owned.​  You are splitting an existing trust into at least 2 trusts, which
is a similar event (I assume there is no marital deduction trust because
you only reference a credit trust).  We took into account all sorts of
specific facts such as transactions in the interim, income tax reporting
which had already happened, eligibility of assets for placing into trusts,
etc.  We also got approval of the residuary beneficiaries as to the plan.
It helped that I am an LLM tax.  I would be happy to discuss with you
privately to see how you might think I could help.

Mark T. Higgins
Mark T. Higgins, P.C.
P.O. Box 57
Darrington, WA 98241
206-491-2420

Mark

On Mon, Oct 26, 2015 at 1:55 PM, Melinda Grout <mkgroutlaw at gmail.com> wrote:

> Good morning all.
>
> Client has 1996 RLT that requires division into a Survivors Trust and
> Credit Shelter Trust.  The deceased spouse grantor/trustee died in 1999,
> but the survivor (client) never  divided into two trusts.  Also, another
> attorney did an Addendum in 2005, addressing only the Sections regarding
> the Survivor’s Trust, without addressing the necessary division either
> way.  There was/is pretty valuable real estate involved, which was much
> less valuable up until this past couple of years when some was subdivided
> and sold to a developer, and the remainder is going through the same
> process now.  Client now wants to amend, again, the terms of distribution
> of the RLT.  Am I correct that the division of trusts needs to be addressed
> before simply creating a Second Addendum?
>
> Is this essentially and initially a referral to a CPA to address past due
> and current returns, computing the division including factors re basis,
> etc, other tax implications, and help setting up a separate account?  It
> seems with the real estate doing what it has done, and is about to
> do, there is complexity to this that may be far above my pay grade.   Is
> this a complex matter best referred to someone who regularly handles these,
> and if so, who is doing this type of work?   I would truly appreciate some
> guidance.
>
> Melinda
>
> _______________________________________________
> WSBAPT mailing list
> WSBAPT at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbapt
>



-- 
Mark T. Higgins
Mark T. Higgins, P.C.
P.O. Box 57
Darrington, WA 98241
206-491-2420
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20151026/08879066/attachment.html>