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Posted: 1/6/2021 1:24:07 PM EDT
[#1]
Do you need a trust?
The biggest reason for trusts, at least initially, was the ability to efile. Now, you can efile as an individual. How many changes do you need to make and is it worth it to keep the old trust? |
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Posted: 1/6/2021 1:47:56 PM EDT
[#2]
How is it non-compliant?
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Posted: 1/6/2021 1:58:37 PM EDT
[#3]
Quote HistoryQuoted: How is it non-compliant? Quick way of saying the extra steps needed by 41P for a trust were never done with this trust. Thought it may just be easier to do everything from scratch using the SS kiosks. |
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Posted: 1/6/2021 2:00:38 PM EDT
[#4]
Quote HistoryQuoted: Do you need a trust? The biggest reason for trusts, at least initially, was the ability to efile. Now, you can efile as an individual. How many changes do you need to make and is it worth it to keep the old trust? I like the idea of the trust. Outlining beneficiaries and multiple people is a plus to me rather than the individual route. |
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Posted: 1/6/2021 2:03:02 PM EDT
[#5]
Quote HistoryQuoted: Quick way of saying the extra steps needed by 41P for a trust were never done with this trust. Thought it may just be easier to do everything from scratch using the SS kiosks. There is no difference between a pre and post 41 trust .......all that has changed are the (potential) multiple photo/fingerprint requirements for all the listed trustees with any new submissions/applications |
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Posted: 1/6/2021 2:09:17 PM EDT
[#6]
Trust rules are normally set forth by your state. If your state changed their laws on trusts, then that would be something to look at. 41F did not impose any new requirements or regulations in regards to trusts, just the application process for Form 1, Form 4, and Form 5 submissions.
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Posted: 1/6/2021 2:24:31 PM EDT
[#7]
I should have worded this different.
Old trust - No one listed has had the extra steps done as required by 41 whatever the hell it is. Should I update the old one including removing one beneficiary, or start over and create a new all with SS using the kiosks to make it easier? |
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Posted: 1/6/2021 2:27:12 PM EDT
[#8]
Quote HistoryQuoted: I should have worded this different. Old trust - No one listed has had the extra steps done as required by 41 whatever the hell it is. Should I update the old one including removing one beneficiary, or start over and create a new all with SS using the kiosks to make it easier? There are no extra steps needed until you actually file a form 1, form 4, or Form 5. 41F did not change any trust requirements, it only changed the process for submitting a form 1, form 4, or Form 5. Just remove the one beneficiary and move on. Also, maybe you should read through this site -> ATF 41F |
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Posted: 1/6/2021 2:53:07 PM EDT
[#9]
I've been using the same trust since 2012. Me as trustee and my kids as beneficiaries. Post 41F, I just submitted my prints and photos as the trustee.
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Posted: 1/6/2021 7:13:47 PM EDT
[#10]
Getting people to get finger printed in the Covid era is becoming a pain in the ass. Multiple trusts are more paperwork to keep track of but can have benefits.
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Posted: 1/6/2021 7:56:18 PM EDT
[#11]
Found a shop that had both cans I wanted. Bought them. Came home, amended my original trust, got it notarized. Took that paperwork in, got setup on the kiosk, the shop I bought the cans from is going to upload the trust.
Done. |
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