Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-04-2020, 09:03 AM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 6,507
Quote:
Originally Posted by CRLLS View Post
Having an attorney creating or modifying a trust or will is no guarantee that things are done properly. ...
Sadly this is true. The odds are strongly in your favor if you do some due diligence but, as is usually true in life, there are no guarantees.

DW used to occasionally come home from the Megbank Trust Department fuming about bad documents that had been drafted by one of two allegedly trust & estate specialist attorneys she knew well for incompetence. Bad documents were common from generalist attorneys.

Quote:
Originally Posted by ERD50 View Post
Much of what you said is not true, at least as I understand it, and in my experience.
+100 @Rambler's post is best ignored.

Quote:
Originally Posted by ERD50 View Post
... I don't think you need a 'pro' to set up a revocable trust. They are not rocket science. Despite that, I've seen some awful trusts written by "pros". But the other things, Power of Attorney, Health Care directives, etc that are part of planning - those might be trickier, and probably best to get some experienced help with.

But if they were looking at an irrevocable trust, yes, then it is a separate entity, with some protections, and with some costs/complexity and its own tax filing and estate tax rates. I would not even think about a irrevocable trust w/o some pro help that I could verify were real pros. ...
All of this is part of a good estate plan. Going to an attorney with home-made pieces may end up costing you more than just having his assistant's word processor spit out what you need. The problem is that, despite the internet, you cannot know what you do not know.

Quote:
Originally Posted by CaliKid View Post
... Just file one 1041 saying the income will be reported on your 1040 going forward. ...
I disagree. I have a strong policy to avoid waking sleeping bears. You just can't know what will happen. I would simply ignore the existence of this superfluous EIN. Forever. If the IRS inquires, which is almost zero likelihood, just answer that the EIN was obtained in error and you will not be using it. No more explanation. Bear goes back to sleep.
OldShooter is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-04-2020, 12:14 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 5,302
Quote:
Originally Posted by OldShooter View Post
I would simply ignore the existence of this superfluous EIN. Forever. If the IRS inquires, which is almost zero likelihood, just answer that the EIN was obtained in error and you will not be using it. No more explanation. Bear goes back to sleep.
+1. In addition, I don't think there is such an option on the 1041 form to do as suggested.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
401k ?'s and tax implications for self-employed.... thefed FIRE and Money 6 12-17-2005 09:42 PM
MOVED: tax implications Nords Forum Admin 0 09-14-2005 07:05 PM
tax implications kobydog FIRE and Money 1 09-14-2005 07:03 PM
Tax Implications overseas charlottebandito FIRE and Money 4 08-09-2005 01:09 PM
real estate purchase and tax implications question vicky FIRE and Money 10 02-15-2005 07:50 AM

» Quick Links

 
All times are GMT -6. The time now is 10:43 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.