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I would proceed as follows. File the LLC with your state. Get an EIN for the LLC, the bank will need it to open the checking account. Get an EIN for the existing solo 401k and see if you can amend the plan at etrade to include the LLC as well as your sole proprietor business. You will need an EIN (not an SSN) to file 5500-EZ for the plan when the time comes. You should also consider whether the workers you're planning to hire are employees (W2) or contractors (1099). Just because you pay them on 1099 doesn't make the contractors. See https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee for a start. As long as they are, in fact, independent contractors there is no problem with your m...

I would proceed as follows. File the LLC with your state. Get an EIN for the LLC, the bank will need it to open the checking account. Get an EIN for the existing solo 401k and see if you can amend the plan at etrade to include the LLC as well as your sole proprietor business. You will need an EIN (not an SSN) to file 5500-EZ for the plan when the time comes. You should also consider whether the workers you're planning to hire are employees (W2) or contractors (1099). Just because you pay them on 1099 doesn't make the contractors. See https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee for a start. As long as they are, in fact, independent contractors there is no problem with your m...

For the past three years I've been working freelance as a sole proprietorship. All income from the venture has flowed through my personal checking account. I've begun to scale my business and am on the cusp of hiring several freelance contractors (1099) to work for me. As such, I'd like to get my corporate house in order before I make everything official. This includes opening a proper business checking account, moving my accounting over to Quickbooks, and registering with my state as a LLC. I want to make sure I handle everything appropriately. Here are a few potential complications I'm aware of: I registered my business with the IRS in 2020 and received an EIN. I haven't really used this EIN for anything, other than opening a couple busin...

Registering for the STAR credit Q: How do I register for the STAR credit? A: To register, visit Register for the STAR credit. Before you begin, gather all the information required to register, because you won’t be able to save the registration to complete at a later time. Q: When should I register? A: We recommend you register as soon as possible after you move into your home. Registrations will be accepted for three years from the income tax filing deadline for the year that the credit covers. For example, to claim the STAR credit for 2020, you must register by April 15, 2024. However, the sooner you register, the sooner you will receive your STAR check. https://www.tax.ny.gov/pit/property/star/star-qa.htm Thanks so much. This appears to ...

I realized recently that I never properly registered for the STAR credit in New York where I live, even though I appear to be eligible. I submitted my application today.

However, I've owned my apartment since 2016. Does anyone happen to know if I am retroactively able to claim this credit for the previous years?

I think you may have misunderstood. The funds in the TIRA’s were all deductible. My question here was whether she should roll them into her 403b so as to clear her TIRA balance to allow her to make non-deductible contributions moving forward to then roll into her Roth. She can also leave some of the tax-deferred in the IRA and get a head start on converting it besides her non-deductible contributions. She can let the pro rata rule tell her how much of her conversions will be taxable. (Each dollar will be taxed only once, as a non-deductable contribution for the year the contribution is made -OR- in the year it is converted, for deductible contribution (and growth).) But I wouldn’t stretch these conversions out more than 3 years. Seeing as ...

celia wrote: ↑Mon Jan 23, 2023 4:38 pm Has she already been making non-deductible contributions to an IRA? And has she been reporting it each year on Form 8606?

If so, that money is NOT eligible to be rolled over to a 403(b).

I think you may have misunderstood. The funds in the TIRA’s were all deductible. My question here was whether she should roll them into her 403b so as to clear her TIRA balance to allow her to make non-deductible contributions moving forward to then roll into her Roth.

With the 403(b) fund line-up I do not see why she would not roll her IRAs into the 403(b) if it is allowed. That's a way to simplify her accounts, too. Once retired, she can always rollover the 403(b) into an IRA if she wants to. If she is going to have to withdraw from the 403(b) to pay expenses, then make sure that will be no hassle as well. This is pretty similar to what I told her. At the very least, I think there’s something to be said for consolidation. I agree that there doesn't appear to be a downside to consolidation. She probably could've (should've?) done this years ago so that she could've been doing backdoor all along (or for as long as her MAGI was too high to make direct Roth IRA contributions). Agreed. The reason I didn’t s...

livesoft wrote: ↑Mon Jan 23, 2023 2:26 pm With the 403(b) fund line-up I do not see why she would not roll her IRAs into the 403(b) if it is allowed. That's a way to simplify her accounts, too.
Once retired, she can always rollover the 403(b) into an IRA if she wants to. If she is going to have to withdraw from the 403(b) to pay expenses, then make sure that will be no hassle as well.

This is pretty similar to what I told her. At the very least, I think there’s something to be said for consolidation.

My question: would it make sense for her to roll her IRA's over to her 403b to give herself the possibility to do Roth conversions from traditional IRA to Roth in the future? She spoke with her plan administrator (Prudential) today and they confirmed that such rollovers were allowed by the plan. Is she going to be doing Roth conversions of her current pretax TIRA balances (SEP and Rollover) or does she want the ability to do the backdoor Roth without the pro rata rule? The backdoor includes a Roth conversion as the second step, but it is not the same as just a Roth conversion. Sounds like she should have been above the direct Roth IRA contribution limit while she's working full-time and less likely to be above that limit when she reduces t...

I have no clue about this but is there any chance that the family business could setup some sort of retirement contribution plans where a Mega Backdoor Roth could be supported? Cheers I doubt it since the income is not earned income. It's an S-Corp and the income is essentially a dividend that gets taxed at normal income tax rates. I am confused how she could do a backdoor Roth if she does not have earned income. Maybe I am really not getting the concept of MAGI in the case of where most of the income is from investments. She will likely do some part time work in retirement, which would allow her to contribute to the Roth. However, her AGI will be high because of the income that shows up on her return from the family business, which is an ...

Silk McCue wrote: ↑Mon Jan 23, 2023 1:28 pm I have no clue about this but is there any chance that the family business could setup some sort of retirement contribution plans where a Mega Backdoor Roth could be supported?

Cheers

I doubt it since the income is not earned income. It's an S-Corp and the income is essentially a dividend that gets taxed at normal income tax rates.

Silk McCue wrote: ↑Mon Jan 23, 2023 1:15 pm I would only do it if the 403b has low fees and access to the funds that she wants to hold all of her tax deferred in. Otherwise being able to contribute to Roth would not be a hard requirement.

Cheers

Thanks. The plan's options are pretty solid. Among other funds, it has Vanguard Total Bond Market, Vanguard Institutional Index, Vanguard Extended Market and Vanguard FTSE All World ex US.

As the title states, my mom is going to retire later this year. She currently has a 403b as well as a traditional IRA and SEP IRA with significant balances. While her income is likely to go down significantly in retirement, she may do some part time work in retirement and she owns shares in a family business that generates six figures of income on her tax return every year. Currently, she hovers right below the AGI limit for married-filing-jointly, but it's possible that the family business will push her over the limit in the future. My question: would it make sense for her to roll her IRA's over to her 403b to give herself the possibility to do Roth conversions from traditional IRA to Roth in the future? She spoke with her plan administrat...

mhalley wrote: ↑Thu Nov 17, 2022 8:37 pm No difference in tlh a tax exempt fund than any other one. As bond fund usually don’t have rapid swings in Nav, I would probably just go mm for 31 days.

Oh that's a really good call actually (re: money market). I might do that instead.

Earlier this year, I purchased significant positions in VMLUX and VNYUX in my taxable account. Typically, I hold bond funds in tax advantaged accounts for the all the advertised reasons, but I decided I wanted to keep a sizeable bond allocation in taxable in the event that I want to purchase a new home in the next ~5 years. This also informed my decision to purchase VMLUX and VNYUX, both of which are tax exempt for me in one way or another. The funds are now down 3.5% and 10.5% respectively. I'm wondering if I should take advantage of their performance to tax-loss harvest them and purchase different bond funds in their place. Would this be advisable? Does their tax-exempt status affect my ability to tax-loss harvest on them? If I were to sw...

I am the sole beneficiary of an irrevocable grantor trust made up of shares in a family business. My father is the grantor. The family business is an S-Corp, so dividends as well as tax distributions for the shares all flow through the trust. Every quarter, the trustee cuts a check equivalent to my father's tax liability on the shares to my father, which he then pays to the IRS since he still technically owns the shares and is therefore responsible for their pro-rata share of the company's tax liability. My question: Is it advisable/legal for me to "gift" my father $16,000 annually for him to pay taxes on the trust in lieu of distributing $16,000 out of the trust? The idea here being to maximize the number of dollars within the t...

Lee_WSP wrote: ↑Thu Sep 08, 2022 4:26 pm Unless you wanted the asset protections and estate minimization for yourself.

I would like these things, yes.

bsteiner wrote: ↑Thu Sep 08, 2022 4:06 pm Even if it's permissible, unless his financial situation has worsened, it would be better for him to pay the tax on the trust's income. That would shift more wealth out of his estate.

I get that. He and I have actually discussed this possibility and we may very well do that down the road.

That said, all else being equal, it is still to my marginal advantage to move $16,000 annually out of my personal estate into the trust, is it not? This is with the understanding that the $16,000 would not be a burden for myself.

bsteiner wrote: ↑Thu Sep 08, 2022 10:43 am Does the trust authorize the trustee to make distributions to the grantor to reimburse him for income taxes?

To be honest, I'm not 100% certain what is authorized, but my understanding is yes, the trustee is authorized. The trustee is also the trustee on a SLAT trust my father made for his wife and my understanding is that they are doing the same thing wrt tax distributions.

As best I understand it, I'm under no legal obligation to pay my father for the taxes, but this was what he and I agreed to verbally when setting up the trust in the first place, which will be a huge a boon to me and I'm happy to oblige if that makes sense.

I am the sole beneficiary of an irrevocable grantor trust made up of shares in a family business. My father is the grantor. The family business is an S-Corp, so dividends as well as tax distributions for the shares all flow through the trust. Every quarter, the trustee cuts a check equivalent to my father's tax liability on the shares to my father, which he then pays to the IRS since he still technically owns the shares and is therefore responsible for their pro-rata share of the company's tax liability. My question: Is it advisable/legal for me to "gift" my father $16,000 annually for him to pay taxes on the trust in lieu of distributing $16,000 out of the trust? The idea here being to maximize the number of dollars within the tr...

Tou should go over the plans with the lawyer who set this up. Taking the money out of the trust would frustrate many of the reasons for creating it. Since you are not the trustee, you probably do not have the power to take the money out . It sounds like you do have the power, or at least the ability to propose to the trustee how to, manage the money while it in the trust. While it is in the trust, it is protected from the claims of creditors. It is outside of your estate for estate tax purposes. These are usually the main reasons for setting up a trust for an offspring rather than making an outright gift. If the money is in the trust then it would not count as security for a loan a bank might make, since they could not force you to take mo...

My father recently opened an irrevocable grantor trust consisting of shares in a family business. I am the lone beneficiary of the trust. The trustee is my father's best friend who I know very well. The shares from the family business should generate significant cash most years (somewhere in the neighborhood of low-to-mid six figures.) The trustee has been instructed by my father to more-or-less allow me manage the cash. My question: is there a reason not to distribute most, if not all, of the cash generated by the shares? The family business is an S-Corp, so all of the cash going into the trust is post-tax. I'm wondering if the cash would be less vulnerable to a potential lawsuit, divorce settlement (I'm currently single), etc. were it to ...

As title states, I just realized that I didn't take a deduction in 2020 for my HSA. Is this something I can fix or am I SOL? If it's fixable, what is the most efficient/cost-effective method? It's easily fixable - file an amended return, 1040x. If you efiled, your tax software can efile your 1040x. If you did not, you'll have to mail it. You have 3 years from the return due date, or from when you filed, whichever is earlier Gotcha. I filed through my accountant who I believe e-files. Just wondering if this was something that I could handle easily enough on my own to avoid getting charged for her services. Yes you can easily handle it on your own, but not as easily as if you had used tax software to file in the first place. 1. Either fill o...

yobery wrote: ↑Wed Mar 30, 2022 3:38 pm

jomama341 wrote: ↑Wed Mar 30, 2022 3:36 pm As title states, I just realized that I didn't take a deduction in 2020 for my HSA. Is this something I can fix or am I SOL? If it's fixable, what is the most efficient/cost-effective method?

It's easily fixable - file an amended return, 1040x. If you efiled, your tax software can efile your 1040x. If you did not, you'll have to mail it. You have 3 years from the return due date, or from when you filed, whichever is earlier

Gotcha. I filed through my accountant who I believe e-files. Just wondering if this was something that I could handle easily enough on my own to avoid getting charged for her services.

brawlrats wrote: ↑Wed Mar 30, 2022 3:37 pm

jomama341 wrote: ↑Wed Mar 30, 2022 3:36 pm As title states, I just realized that I didn't take a deduction in 2021 for my HSA. Is this something I can fix or am I SOL? If it's fixable, what is the most efficient/cost-effective method?

Assuming you made HSA contributions outside of payroll (which would be considered on your W-2), you'll need to amend your return. If you use the same software to amend as you did to prepare, it should be pretty straightforward. How much is the HSA contribution you need to report?

Correct. The contribution was outside of payroll. Contribution was $3,550.

As title states, I just realized that I didn't take a deduction in 2020 for my HSA. Is this something I can fix or am I SOL? If it's fixable, what is the most efficient/cost-effective method?

If you want to make large purchases, you can sell stocks in taxable and then sell bonds to buy stocks in your tax-deferred account. In that way, you have actually sold bonds. Thank you. But in the scenario you outline, wouldn't the cap gains hit on the stock sale negate any benefit I'd receive by keeping bonds in my tax advantaged accounts? It might. I suppose it depends on the circumstances. Also, I'm in a high tax bracket and pay NYS + NYC income tax. Curious which bond funds in taxable you might recommend for someone such as myself. A combination of Vanguard's NY Long Term Tax-exempt fund and Vanguard's Limited Term Tax-exempt fund. Both are exempt from federal taxes and the NY fund is exempt from NY taxes as well. Combining these shoul...

If you want to make large purchases, you can sell stocks in taxable and then sell bonds to buy stocks in your tax-deferred account. In that way, you have actually sold bonds. Thank you. But in the scenario you outline, wouldn't the cap gains hit on the stock sale negate any benefit I'd receive by keeping bonds in my tax advantaged accounts? It might. I suppose it depends on the circumstances. Also, I'm in a high tax bracket and pay NYS + NYC income tax. Curious which bond funds in taxable you might recommend for someone such as myself. A combination of Vanguard's NY Long Term Tax-exempt fund and Vanguard's Limited Term Tax-exempt fund. Both are exempt from federal taxes and the NY fund is exempt from NY taxes as well. Combining these shoul...

retiredjg wrote: ↑Mon Dec 27, 2021 8:06 am
If you want to make large purchases, you can sell stocks in taxable and then sell bonds to buy stocks in your tax-deferred account. In that way, you have actually sold bonds.

Thank you. But in the scenario you outline, wouldn't the cap gains hit on the stock sale negate any benefit I'd receive by keeping bonds in my tax advantaged accounts?

Also, I'm in a high tax bracket and pay NYS + NYC income tax. Curious which bond funds in taxable you might recommend for someone such as myself.

Is there a site that allows me to easily measure the tax drag on each of these respective funds relative to one another?

My understanding is that the general consensus is to keep VTIAX in taxable so as to benefit from the foreign tax credit and keep the bond funds in tax-advantaged accounts to shield their dividends from taxes, but I'd like to run the numbers myself as I'm beginning to lean more toward holding some of my bond funds in my taxable account as a pseudo-emergency fund/upcoming large purchases fund.

Elysium wrote: ↑Fri Dec 17, 2021 10:09 am Most accountants use cash in this type of situations, so check with them, and if cash method then no your Jan 3 check posted will be 2022 income, and you'll not count that towards 2021 Solo 401(k) contributions.

I just checked and I have 'Cash' selected. Guess I'll have to wait till 2022 for those funds...

I have a Solo 401k. A company that I do contract work for is going to pay me on January 3rd, 2022, for work performed in December 2021. My question: Can I include those funds in my calculations for my 2021 income or is eligibility based on when the funds actually post to my bank account? https://bench.co/blog/accounting/cash-vs-accrual-accounting/ Are you cash or accrual? To be honest, I'm really not sure. My business is a sole prop, service-based, w/o any inventory. 2021 was my second year in business. For 2020, I just sent my accountant 1099's and self-reported all direct sales I made. I don't remember ever declaring one way or another with the IRS. Most likely cash. Look at your 2020 return, if you file Schedule C it is Line F, a box wi...

hmw wrote: ↑Fri Dec 17, 2021 9:57 am When you file your taxes, you have to choose use either cash method vs accrual method. Once it is chosen, you will have to carry on in subsequent years.

How you report it depends on which account method you use.

Got it. Sounds like a question for my accountant then.

pizzy wrote: ↑Fri Dec 17, 2021 9:57 am

jomama341 wrote: ↑Fri Dec 17, 2021 9:51 am I have a Solo 401k. A company that I do contract work for is going to pay me on January 3rd, 2022, for work performed in December 2021.

My question: Can I include those funds in my calculations for my 2021 income or is eligibility based on when the funds actually post to my bank account?

https://bench.co/blog/accounting/cash-v ... ccounting/

Are you cash or accrual?

To be honest, I'm really not sure. My business is a sole prop, service-based, w/o any inventory. 2021 was my second year in business. For 2020, I just sent my accountant 1099's and self-reported all direct sales I made. I don't remember ever declaring one way or another with the IRS.

I have a Solo 401k. A company that I do contract work for is going to pay me on January 3rd, 2022, for work performed in December 2021.

My question: Can I include those funds in my calculations for my 2021 income or is eligibility based on when the funds actually post to my bank account?

The original poster did a very good job of laying out his or her mother's finances and asking for comments. I want to commend the OP for not waiting until after the fact before asking for a review. I would echo Taylor's comments, this would be a good opportunity to seek a professional review of her finances. Vanguard Personal Advisor Services would be a good choice, the advisor could handle the rollovers, set up the portfolio, and create a systematic withdrawal strategy. Rick Ferri or Alan Roth would be excellent choices for an independent Advisor, my suspicion is that both are probably booked up. There are other good and lower cost alternatives available. Thanks. We're definitely going to look into Vanguard PAS. At $750/year on a $1mm por...

In terms of SS planning for a married couple, typically it’s better for the higher earner to delay to 70 and the lower to claim before FRA. This aspect should definitely be planned as a couple—assuming they are living together and aren’t planning to separate. In terms of Retirement Goals, typically we look at aspects like: - Extra Travel and/or other Experiences - Any plans to relocate? - Long Term Care - Charity - Inheritance Lastly, MFS for a couple living together is usually less than optimal from a Tax perspective. Might be time to review the impact with her to see if she wants to shift. WoodSpinner Her spouse is 15 years older than her and has already been collecting SS for a while now, so the strategy you proposed isn't really an opt...

jomama341: Your mother is approaching retirement which is an excellent time for a professional review of her finances. It is dangerious and in this case, unnecessary for you to act as an advisor. You are not as qualified as an independent advisor, but more important, whatever you recommend will have periods of underperformance and you will be/feel to blame. I would not undertake that responsibility if you do not need to. Consider Vanguard PAS which is an excellent value at 0.3%/year. Also, Allan Roth and Rick Ferri are two excellent fee-only Boglehead advisors. Best Wishes Taylor Jack Bogle's Words of Wisdom: "Tens of millions of investors need personal guidance in allocating their assets and selecting funds. Other tens of millions do...

leo383 wrote: ↑Sat Nov 27, 2021 10:22 am Your mom is crushing it.

Maybe delay SS until 70.

Maybe roll those 403b accounts all into one trad IRA or a trad IRA then move them to Roths with vanguard fidelity or schwab.

Nothing really emergent imo.

When you say “move them to Roths”, are you referring to the Roth conversion ladder strategy?

OP, I noticed she is MFS for taxes. Wondering what the rationale is behind this? It might be a factor in the SS claiming strategies. What does she want Retirement to look like for her? It’s hard to give advice without a good foundation on what her goals are? WoodSpinner Without delving into the specifics, my understanding for why she is MFS has to do with disagreements she’s had in the past with her spouse surrounding their taxes back when they filed jointly. I’m not sure there’s any way to resolve those differences. Their finances are only really commingled on the real estate side of things. Beyond that, all of my mother’s assets are in her name only. Can you elaborate on how the MFS status might impact her SS? And as far as how she wants...

dbr wrote: ↑Sat Nov 27, 2021 9:11 am

jomama341 wrote: ↑Fri Nov 26, 2021 1:25 pm

That's something she is considering doing. Based on her SS statement, it seems like it would take 9 years for her to break even. I.e. once she turns 79, she'll start benefiting from the higher payment. Is this generally the recommended approach for a healthy retiree?

The argument for delaying SS is not breakeven but insuring against longevity risk. Imagining that someone age 64 will not live past 79 is taking a risk that can be offset to some degree by delaying SS.

Pardon my ignorance, but when you say “longevity risk”, you mean the possibility that she lives a very long time and her savings start to dry up?

JoeRetire wrote: ↑Fri Nov 26, 2021 2:23 pm

jomama341 wrote: ↑Fri Nov 26, 2021 1:25 pm

JoeRetire wrote: ↑Fri Nov 26, 2021 1:20 pm
She should consider delaying her social security benefits until age 70.
See: https://opensocialsecurity.com/

That's something she is considering doing. Based on her SS statement, it seems like it would take 9 years for her to break even. I.e. once she turns 79, she'll start benefiting from the higher payment. Is this generally the recommended approach for a healthy retiree?

Is there a reason she wouldn't live past 79?

No reason per se, but life is obviously unpredictable.

retire2022 wrote: ↑Fri Nov 26, 2021 2:26 pm

jomama341 wrote: ↑Fri Nov 26, 2021 1:32 pm
I did look up HACAX and it's expense ratio is 0.67% which is high. You can get similar funds at the 3 firms I mentioned for a much smaller expense ratio. I use index funds with low expenses (0.04% or so).

Jomama341

I concur with niagara_guy Habor Capital Appreciation is an actively managed fund, what other options are in your mother's plan?

Will find out and update the post ASAP.

I see she has several 403b accounts. Many (most?) of the 403b providers are very expensive and probably not honest (they rip people off). Could you post the names of the 403b providers and the fees they charge? It would help if you use this format: https://www.bogleheads.org/forum/viewtopic.php?f=1&t=6212 Noted. I'll work on updating the original post. Yours is pretty close but does not include the expense ratio. For the non-403b accounts add any fees charged by the provider like AUM fees. Most here like Vanguard, Fidelity and Schwab and I do too (have accounts at all 3). There are also others that are probably low cost as well but I am not familiar with them. Definitely steering her to putting everything under Vanguard, Schwab or Fide...

JoeRetire wrote: ↑Fri Nov 26, 2021 1:20 pm
She should consider delaying her social security benefits until age 70.
See: https://opensocialsecurity.com/

That's something she is considering doing. Based on her SS statement, it seems like it would take 9 years for her to break even. I.e. once she turns 79, she'll start benefiting from the higher payment. Is this generally the recommended approach for a healthy retiree?

JoeRetire wrote: ↑Fri Nov 26, 2021 1:20 pm Would she consider moving?

Probably not.

My mother is going to retire in January 2023 at the age of 65. Overall, she’s in great financial shape, but as she nears her retirement date, I figured it would be a good moment to take a look at her portfolio to see what she might want to tweak. Disclaimer: my mom is not a Boglehead (her son is :wink: ), so as you’ll see she has a hodgepodge of different funds that were recommended to her over the years. Some have worked out well, others not so much. One of my main goals here is to simplify everything as much as possible. So, please be kind and know that I will probably agree with the consensus here and take it to heart. Emergency funds: $30k (five months of living expenses) Debt: Two mortgages on two different properties. The cost of thes...

SuzBanyan wrote: ↑Sun Oct 17, 2021 3:12 pm OP: You should also use this as an opportunity to review and update your own estate plan.

Yes, very good call. For the record, I'm unmarried w/o any kids.

May I ask what, in particular, you would recommend I pay special attention to?

... As far as having my father pay the taxes out of pocket, this is an interesting idea. Can you elaborate, though. I'm not sure I totally understand how that would move money out of his estate? Suppose your father is worth $20 million and the trust, which is out of his estate, is worth $11 million. The income tax on the trust's income in 2022 is $1 million. If the trust pays the tax, your father will still be worth $20 million, which will be subject to estate tax in his estate, and the trust will be worth $10 million, which will be out of his estate. If your father pays the tax, he'll be worth $19 million, which will be subject to estate tax, and the trust will be worth $11 million, which will be out of his estate. If your father pays the...

You need a high level estate planning and tax expert to advise you. Bsteiner, is there any reason the OP cannot use the same lawyer as the one who is setting up the trust? That would appear to be most efficient, since that attorney already knows the details of the trust. Although we are not allowed to discuss proposed legislation, the OP should discuss with their attorney what would happen if the rules on grantor trusts were to change. If OP's dad waives privilege, that'd probably be the easiest way to get the free flow of information going. But, that's up to the dad. I believe he has waived privilege already as he set up a call between me and his attorney this coming week. FWIW, my father and I are on very good terms, so there isn't anyth...