posted on February 09, 2016 by Lee B. Reimann
by Lee B. Reimann, Estate & Gifts
This is the time of year when people receive information about their assets and investments in the mail. It is critical you view these documents carefully to ensure their accuracy, especially in relation to your trust.
Whether you receive a 1099-Int from your bank or a 1099-Div from your investment firm or tax bills on your real estate from your local government, this is a time where, if you take a moment, you can easily check on your trust funding.
How to Check the Accuracy of Your Tax Statements
As you receive these documents, please check the name of the account holder – the person/trust on the top of the form. Although, with a revocable trust, income will come under the personal social security number of one of the account holders, the name on the title of the account or property should be the trust. If you do not receive your tax documents with the name of your trust, please note that account and follow up to make sure that your trust is fully funded. You can either follow up with your financial institution or, if you have more questions, with our office.
When planning for taking minimum required distributions (MRD) from your retirement accounts (IRAs, 401(k)s, 403(b)s or 457s), please note that on December 18, 2015, Congress made permanent the tax provision that allows individuals (70 ½ and older) to transfer up to $100,000 directly from their IRA to the public charity of their choice without recognizing that transfer as income. The transfer also counts toward the taxpayers’ MRD.
If you have questions about your taxes, trust or any legal documents, please contact Lee Reimann or call (517) 324-1034.
The information contained in this website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.