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Old 05-01-2017, 07:02 PM
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Mother wants to add my name on all of her assets

My father recently passed, and my mother is in "prep mode" trying to get all of her affairs in order in case something should happen to her. Her idea is to put my name on everything that she owns so that I would have access to all of her assets and then be able to distribute them after her death. I am trying to talk her into forming a living trust but she is dead set on adding my name on her house deed, bank account, vehicle registration, IRA account etc.. can you tell me the tax ramifications of having my name on all of those things?



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Old 05-03-2017, 09:56 AM
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My father recently passed, and my mother is in "prep mode" trying to get all of her affairs in order in case something should happen to her. Her idea is to put my name on everything that she owns so that I would have access to all of her assets and then be able to distribute them after her death.======>In general, When she establishes a living trust, she names someone to be the trustee. The trustee basically does what she does right now with her financial affair; collect income, pay bills and taxes, save and invest for the future, buy and sell assets, provide for her loved ones, maintain accurate records, and generally keep her financial matters in good order.she can be trustee of her own living trust. However, your mom doesn?t have to be her own trustee. Some people choose an adult son or daughter, or a trusted friend or other relative. Some choose a professional or corporate trustee like a bank trust department or trust company for their experience and investment skills. This is often a good choice if you have no children or other trusted relatives living nearby, your other candidates do not have the time or ability to manage your trust, or if you do not have the time, desire or experience to manage your investments yourself

I am trying to talk her into forming a living trust but she is dead set on adding my name on her house deed, bank account, vehicle registration, IRA account etc.. can you tell me the tax ramifications of having my name on all of those things?=======>> With the typical revocable living trust, it will become irrevocable when the Trustmaker dies A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiaryWhen the grantor or the grantor?s spouse is the trustee or co-trustee of the Living Trust, the grantor of the Living Trust continues to be treated as the owner of the assets that are now part of the trust. Since you , not your mother, some other party, is the trustee, the grantor is not responsible for paying income taxes generated by trust assets; instead, you , the trustee has additional tax reporting requirements



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