Legal Question in Wills and Trusts in Michigan
why is there a delay in trust money
why is there a year dalay in getting money from a trust after the death tax has been paid. by the time the money gets here it will be 2 years from the death of that person. why so long of a wait??
2 Answers from Attorneys
Re: why is there a delay in trust money
Ask the trustee. If hedoes not respond, contact a lawyer. Bill Stern 248-353-9400
Re: why is there a delay in trust money
If a Federal Estate Tax Return is being filed, a Trustee will often hold back an amount of the Trust assets until a closing letter is received from the IRS approving the Estate Tax Return. If the Trustee distributes the Trust assets prior to receiving the IRS closing letter, and additional tax is owed, the Trustee will be liable to the IRS for the additional tax. The amount being held back by the Trustee will depend upon the size of the Trust and the type of assets involved. You should contact the Trustee to find out why none of the assets have been distributed.
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