Lipman: Beneficiaries entitled to accounting from trustee
Q: I am one of several beneficiaries of a trust, and we have had no communication from the trustee since 2012. Are we entitled to ask him for copies of recent tax returns for the trust or recent brokerage statements for an account with a substantial amount of money in it? He has stated his intent to sell the properties in the trust and distribute the cash from the investments, but nothing has happened in all these years.
If you and the other beneficiaries feel as though the trustee has been mishandling the trust property, or has violated the terms of the trust instrument, you can file suit to have the trustee removed. The judge can also remove a trustee who has engaged in self-dealing, failed to make required distributions or stolen trust property.
Q: I have designated a non-U.S. citizen who lives in another country as the beneficiary of my rollover IRA. What can I do now to help my executor accomplish this and minimize any eventual tax?You should let your executor know what you have done and also provide the executor with the beneficiary's contact information.
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