QUESTION
Trust my mother put her property in a living trust,she has passed
Asked on Mar 17th, 2018 on Trusts and Estates - California
More details to this question:
My brother is trustee ,he has dristubited bank holding to siblings thats done. Does he have to file taxes on property every year. the on thing we get from bank is tax interest statement for the morg. It sates in the the trust i can live ther the rest of my natural life,as long as i make house payments and maintain the property. My brother says i have to pay for the filing fees on the taxes, do i ?. and if i dont pay he will sell the property
1 ANSWER
3 Awards
Once there's no money in the trust, only the house, it makes sense that you are responsible for costs the trust must incur to keep the home in the trust. How else would those costs be paid? But the trust only has to file income taxes if it has income of $600 or more. It sounds like the trust has only expenses (which you are paying), not income. So I'm not clear why your brother feels he has to file taxes. If he had to file taxes for administering the trust after your mother's death, up till the distributions, those expenses should have come out of the trust BEFORE the bank accounts were distributed. If he didn't do that, he should request funds from ALL beneficiaries to repay him for that expense.
Answered on Mar 26th, 2018 at 12:52 PM