I do not know what "The Estate" did or didn't do, other than hearsay that he had problems getting the financial institution to do anything. That is the same institution, the same legal counsel, the same financial advisor and assistant, and the same accounts I had been dealing with, and had a...
You may have read two forums, but you did not read that "the probate estate sold the asset and in the same tax year transferred the sale proceeds to the trust" on any forum.
I do it myself sometimes . . . read what I think I am reading, not what it actually says.
FWIW, here's my guess.
It does not matter that the gain occurred during probate. The Trust received the gain. The Trust needs to pay Capital Gains tax. It looks like for 2024 that's 15%.
If that's what the Trust's attorney says, OK.
Let me be less abstract, using factual facts.
My Aunt died 8/21/22. The Date of Death value of the investment account was $335,108.99. That account did not have a designated beneficiary (the financial advisor lied about that, but that's not the question here), so it went to Probate. Probate...
First and foremost, of course, I do have an attorney representing the Trust, and he will be weighing in on this. I'm just trying to get a jump on it.
I am the Successor Trustee for my deceased Aunt's Living Trust. Through the shortcomings of her financial advisor and her credit union, some of...
It drags on . . . the Personal Representative is problematic.
Probate should have been finished two months ago. I still don't know the $ amount of the funds I used to manage as attorney-in-fact. He got some moved to the estate account he opened. I had hoped the financial institution would...
473.153. Compensation of personal representatives, accountants and attorneys. — 1. . . . . . . When there is only one personal representative he shall be allowed as the minimum compensation for his services the following percentages of the value of the personal property administered and of the...
Kind of funny, Missouri Statutes call for minimum compensation for Personal Representatives (and attorneys) based on the amount of personal property they administer or real estate they sell in the Probate estate, but the PR was unable to get any of the accounts at the financial institution moved...
The PR did not have the same good relationship with the financial institution that I did when I was attorney-in-fact, good being a generous description. He is a customer of that institution, and did not work through the contacts I had established. So, he was not able to get the accounts moved...
The 6-month publication timeline is over, and we're waiting for the PR to file his final report, and an Order moving the financial accounts to the Trust via the pour-over Will. I still have not been able to find out the balances since the date of death, 14 months ago, even thought the financial...
A couple more weeks and I will hopefully be able to find out if the financial institution is going to pass the accounts on to this Trust. After Probate, and a Court Order, they will have no legal reason not to.
To test the waters, I asked my helpful contact at the financial institution to tell me what the balances are in the three accounts (not give me access to them), and she would not.
So, Probate having less than a month to go, I asked our attorney (for both the Trust and Probate) to just leave the...
zddoodah said, "You said the will is a pour-over will, so I assume the trust is the only beneficiary of the estate. That being the case, you, as trustee, have the rights of a beneficiary of an estate. . . . . . . "
Yes, I agree, the Trust is the only beneficiary of the Estate, and I agree that...
Update, and some clarification.
Yes, we have an attorney, representing The Trust, and me as the Trustee. Probate was opened properly and all the people involved have received recognition, appointments, letters, etc. Of course, the financial institution has received all of that, too...