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Forum
-> Working Women
amother
Crimson
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Wed, Sep 05 2018, 4:33 pm
We used an attorney to set up a trust over 10 years ago. I don't think I have the actual trust information and now the attorney is no longer practicing. I don't see anything on-line regarding anyone buying out the practice.
Is there any protocol whereby files need to be stored somewhere or if it's over 10 years I can just forget about it?
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chocolate moose
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Tue, Sep 18 2018, 4:16 pm
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ra_mom
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Tue, Sep 18 2018, 4:33 pm
amother wrote: | We used an attorney to set up a trust over 10 years ago. I don't think I have the actual trust information and now the attorney is no longer practicing. I don't see anything on-line regarding anyone buying out the practice.
Is there any protocol whereby files need to be stored somewhere or if it's over 10 years I can just forget about it? |
If you're looking for organizational documents from the original trust formation, you can pay a corporate service provider to obtain copies for you.
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amother
Mint
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Tue, Sep 18 2018, 6:05 pm
Just call the attorney and ask him
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rivkam
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Wed, Sep 19 2018, 3:25 pm
In Israel they must keep files for 7 years
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amother
Cobalt
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Wed, Sep 19 2018, 8:50 pm
ra_mom wrote: | If you're looking for organizational documents from the original trust formation, you can pay a corporate service provider to obtain copies for you. |
And how would he do that?
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ectomorph
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Wed, Sep 19 2018, 9:25 pm
Who is the trustee? He might have it . Is there a trust company
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ra_mom
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Wed, Sep 19 2018, 10:13 pm
amother wrote: | And how would he do that? |
Call up a place like Allstate Corporate Services (800) 906-9220
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amother
Crimson
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Thu, Sep 20 2018, 12:30 am
I'm the trustee, and the lawyer was required to stop practicing.
This is in NJ.
So what's my next step?
I set up a trust to put my parents' assets away for them, but I don't know of any documents that specify how it's to be used other than that I and my co-trustees (siblings) can take out funds. But I need to know if there were any other conditions, I guess. I don't even remember now why I asked the question...
Oh, right, my accountant said:
If you get a distribution of income from the trust it is taxable income (& would be reported to you on the K-1) but if you leave the income in the trust & take a distribution from the corpus it is not taxable.
I then asked him: How exactly do we determine that?
A: It depends on the trust instrument but usually it is at the discretion of the trustee.
So now I am trying to locate the "trust instrument" but I don't know what it looks like : )
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amother
Oak
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Thu, Sep 20 2018, 2:56 am
amother wrote: | I'm the trustee, and the lawyer was required to stop practicing.
This is in NJ.
So what's my next step?
I set up a trust to put my parents' assets away for them, but I don't know of any documents that specify how it's to be used other than that I and my co-trustees (siblings) can take out funds. But I need to know if there were any other conditions, I guess. I don't even remember now why I asked the question...
Oh, right, my accountant said:
If you get a distribution of income from the trust it is taxable income (& would be reported to you on the K-1) but if you leave the income in the trust & take a distribution from the corpus it is not taxable.
I then asked him: How exactly do we determine that?
A: It depends on the trust instrument but usually it is at the discretion of the trustee.
So now I am trying to locate the "trust instrument" but I don't know what it looks like : ) |
Probably needed to present the trust documents to open a bank account / investment account for the trust. Talk the the person managing the account (s).
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amother
Cobalt
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Thu, Sep 20 2018, 4:31 am
ra_mom wrote: | Call up a place like Allstate Corporate Services (800) 906-9220 |
Will you stop with this? A trust isn't created by the state.
The hint should be corporation in the name instead of trust.
OP: consult an ttorney. This isn't legal advice.
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amother
Cobalt
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Thu, Sep 20 2018, 4:42 am
amother wrote: | I'm the trustee, and the lawyer was required to stop practicing.
This is in NJ.
So what's my next step?
I set up a trust to put my parents' assets away for them, but I don't know of any documents that specify how it's to be used other than that I and my co-trustees (siblings) can take out funds. But I need to know if there were any other conditions, I guess. I don't even remember now why I asked the question...
Oh, right, my accountant said:
If you get a distribution of income from the trust it is taxable income (& would be reported to you on the K-1) but if you leave the income in the trust & take a distribution from the corpus it is not taxable.
I then asked him: How exactly do we determine that?
A: It depends on the trust instrument but usually it is at the discretion of the trustee.
So now I am trying to locate the "trust instrument" but I don't know what it looks like : ) |
Please consult a trust attorney instead of getting cockamamie advice here. This isn't legal advice.
I know quite a bit about trusts, but I don't want liability of giving legal advice. Any competent trust attorney can help you.
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amother
Oak
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Thu, Sep 20 2018, 9:48 am
amother wrote: | Please consult a trust attorney instead of getting cockamamie advice here. This isn't legal advice.
I know quite a bit about trusts, but I don't want liability of giving legal advice. Any competent trust attorney can help you. |
Contacting the institution that holds the trust funds isn't cockamamie advice. Thanks.
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amother
Crimson
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Thu, Sep 20 2018, 7:16 pm
This is what I found regarding the original attorney.
STATUS: Administrative - Not Authorized to Practice
What does this mean? Is it like being disbarred? Anyhow, her office is no longer existing.
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amother
Cobalt
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Thu, Sep 20 2018, 7:23 pm
amother wrote: | Contacting the institution that holds the trust funds isn't cockamamie advice. Thanks. |
It is cockamamie advice on quite a few levels. You are clueless why.
Her accountant's advice is also isn't good and is missing steps .
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