Most people don’t know the first thing about the Secure Act and yet it has great impact on their retirement planning.
Homes are illiquid assets that produce no income and come with ongoing costs for upkeep. Those issues can cause some snags with your trust.
Under the new Biden administration, the president has made his intentions clear about the potential to change the tax code.
I’m a trustee selling a home in irrevocable trust for a parent who died. There are two beneficiaries who will get the sale proceeds with a stepped-up basis. I’m filing Form 1041 but do I still have to file a Form 1040 to report anything for the beneficiaries?