QUESTION
How long after a person dies can their Trust go on?
Asked on Jan 27th, 2017 on Trusts and Estates - California
More details to this question:
My mom is getting payments from my brother for a commercial property that he is buying from her, She deposits the payments in her money market that is in her Trust. How should the payments be handled if the note goes another 4 years after she passes?
1 ANSWER
3 Awards
Your mother and the person who will be trustee after she dies should consult with your mother's attorney. If the trust terms allow, the trust could continue to receive and distribute the payments, or the trustee could assign the payments after your mother dies. In that case, your brother would send checks to each person for their proportionate share. If the trust receives the payments, a trust tax return will have to be filed each year.
Answered on Jan 30th, 2017 at 8:26 AM