Any accountants in the 'house' tonight?

[Mind_your_head]

What does a K-1 (through a trust) imply?

[flvegan]

1. I'm no CPA, but IIRC a K-1 is filed in regards to income

that's been dispersed to beneficiaries of the trust.

I'm probably WAY off here though. Been a long time.

[Mind_your_head]

2. No, I think you're 'right on', but someone w/ only $250,000 let's say

doesn't NORMALLY/know about (or establish a trust in the first place). Right? :shrug:

(edit to add: I'm just *screamin'* to "take advantage of me", aren't I?) ....and THAT is what I fear is/has been happening. That's why I asked the question.

Peace,
M_Y_H

[flvegan]

3. From a legal standpoint, a Trust is an excellent idea

regardless of the $$ amount depending upon the reason. In real estate, owners will establish a trust for each property they sell even if they're only going to make a few thousand off the sale.

As for your situation, I have no idea. I'd probably talk to an attorney if you have questions.