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Member
 
Group: Forum Members
Last Login: 3/7/2011 9:24:05 PM
Posts: 10,
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| I have an estate as follows: Gross 5,644,562 Deductions (272,464) Net 5,372,098 To surviving spouse 3,491,291 To credit trust 1,430,087 The credit trust is being funded now with a note payable effective date-of-death. Does this close the estate or is the estate still open until the note is paid? If it does close the estate is it closed as of date-of-death or on the currrent execution date of the note?
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Power Member
Group: Forum Members
Last Login: 1/6/2010 6:00:00 PM
Posts: 83,
Visits: 123
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Please tell us more about what's happening legally. Is this a probate estate? A terminating trust? If the will or terminating trust tells the executor or trustee to pay something to the credit trust and something else to the s\s, what does the note do that the governing instrument didn't?
Putting it another way, is the fiduciary who is directed to transfer assets worth $$ to the credit trust still obligated to do so? Has anyone else assumed that obligation? Who would the trustee of the credit trust sue if he or she is not paid?
John Jacobson
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