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Trust vs Job
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Mike SE IL
Posted 7/10/2020 10:06 (#8365103 - in reply to #8364597)
Subject: RE: Trust vs Job



West Union, Illinois

You need to find a CPA ASAP.   My understanding (that's a warning !) is a trust is a separate entity.  You might get income from the trust but as far as taxes go it is not you.  Go get professional help.  And if you don't like what they tell you find another one that will tell you the same thing.

I'll be honest, I see most trusts as job security for lawyers.  That and people trying to exert their control even after their death.

Landowner had set up the farm in 2 different trusts and gave some ground to a granddaughter.  Mom outlived the granddaughter.  Took 5 years with a true Chicago lawyer to get the mess cleaned up.  Ever try explaining farm things to a city lawyer?  Kind of soured my opinion on trusts.  But regardless YOU NEED TO GET PROFESSIONAL ADVICE NOW. 

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