Legal Question in Wills and Trusts in California

capital gains on trust assets
I am the trustee of my deceased grandmothers estate. The distributions were made in accordence with the trust document on Aug 23, 2007. all benficiaries recieved a check. My distribution was taken ''in kind'' I wanted my inheritance to stay invested in the managed brokerage account that had always been my grandmothers. Unbeknownest to me, the money was not transfered into my name until five months later, when I realized what happened. My question is: The brokerage will not back date the 1099 when the distributions were made, so right now the trust would be paying the taxes on most of the money that is mine. How do i correct this? Or will the IRS be happy just as long as they get their money.

Asked on 2/17/08, 12:35 pm

Phillip Lemmons, Esq. Phillip Lemmons APC, Attorneys at Law

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Re: capital gains on trust assets

Talk to your CPA/tax preparer.

Answered on 2/17/08, 10:06 pm

Mitchell Roth MW Roth, Professional Law Corporation

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Re: capital gains on trust assets

You should resolve this with the accountant for the trust and your accountant.

Answered on 2/18/08, 1:30 pm

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