Dad passed in 2016, thus Dad's Will had to be filed with the Probate Court. Bank had me change Dad's checking over to an Estate Account. Dad's Elder Law Attorney filed for a new IRS number as Dad's social security number could no longer be used. Part of Dad's estate was in a Revocable Trust but I thought Dad had transferred everything into his Trust.... oops, he didn't, thus hello to Probate.
I paid the County to file. I paid Dad's attorney to help me with this complex maze. Paid the bank for new checks saying Estate. Then the Attorney had me change the items that were left over in the Estate over to the Trust. That was time consuming, took months to complete.
One stock was a bear to change. And the Attorney once again filed for another new IRS number as now items were finally in the Trust. Also had to get new checks saying Trust. Oh, let's not forget about the IRS. Dad's CPA did Dad's taxes for April 2017 [for year 2016]. Paid from the estate what was owed, and paid the CPA. No problem, this was expected. Everyone following this, or did I lose many at the Bakery [old Laugh-In line].
Well, Dad's estate is STILL in Probate. The Attorney filed a current accounting for 2018. Hopefully the last filing. Paid the Attorney, and another check to the County. The CPA had to do taxes for April 2018 [for year 2017]. CPA filed to the IRS an Estate filing, and also had to do a separate Revocable Trust filing. Paid the IRS and waiting for the bill from the CPA. Had no estimated taxes paid because we all thought the Probate would be finished.... oops.
I've not only aged while helping my parents when they were alive, I am still aging dealing with what happens after death with taxes. Anywho, just a heads up if your parent(s) were very frugal and had saved for all those rainy days. Thank goodness they did, but who would expect it to be so complex afterwards... this was another huge eye opener !!
I've just made beneficiaries on my retirement accounts.
I didn't notice, can we "edit" a brand new discussion or question like we can do with our answers? I was in a rush this morning when I posted.
And following on Send's recommendation, I think you need to write a check to the Paragraph Management Team to get the paragraphs separated.
It's hard to find something as boring as some of the IRS publications. And the possible combinations give new meaning to what could be similar to geometric if/then hypotheses. It's more like "if a, then not b - k, but if not m, then n -t, and if not either, then u - z."
I needed a GPS to navigate the contingencies. Too bad GPS is only for land navigation.
I was so confused after reading the whole darn publication that I hired a trust accountant to do it for me. Simple! From then on I had a model to guide me and I did the rest of the 1041s plus K-1s myself.
Now I go through this again, but at least I only have to update myself on the new laws for trusts, but this time I'm seeing my attorney to get a head start.
I'm retitling assets now and learning once again that it just doesn't happen as quickly when there's a revocable trust involved. Assets are frozen during this period, so I need to dig into the existing accounts to pay bills until the assets are available. Good thing I didn't buy all those seeds and plants I planned to put in this year. Guess the new car to replace the falling apart one I have now is going to have to wait awhile.
One investment company is very helpful, though; it has a transition team to assist in asset management and transfer post death. But I can't get a phone appointment until next week.
At least all this paperwork and regulations keep my mind focused and off of the loss of my father.
I think you have to pay extra to have the paragraphs separated.