|
Posted by Stuart A. Bronstein on January 29, 2007, 2:11 am
Please log in for more thread options
>> My parents have a modest trust in which they are leaving
>> their 3 adult children some money. I am one of those and am
>> just about to start on a pay-back program with the IRS for
>> some back income taxes I owe. Seeing as how I owe back
>> taxes, can the IRS attach any of this inheritance when it
>> becomes available?
> Yes, they can, but generally won't if you are making your
> payments. They may strongly suggest that you use those
> funds to pay the tax debt.
Is that also true if it qualifies as a spendthrift trust
under local state law?
>> Should I have my parents change their will & trust to remove
>> me from the trust and put my share in a siblings name.
> You could do that, or when the time comes, you can disclaim
> the inheritance. It'll flow down the same lines as-if you
> had predeceased your parents.
To disclaim you must execute a qualified disclaimer within
nine months (or at least that's what it was the last time I
checked).
Stu
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap