Couple resigns as trustees; financial advice provided

sandiegouniontribune.com

A woman is seeking advice on how her husband can step down as successor trustee for his brother's living trust. Although her husband agreed to this role years ago, the couple now wants to be removed due to their brother-in-law's complicated financial situation. They have asked him to meet with the lawyer who created the trust, but he has not responded. Being a successor trustee is an honor, but it is not mandatory. If the brother-in-law has not named anyone else, a court can appoint a new trustee, but this could complicate matters. The couple should also know that they can hire professionals to help with the required tasks of a trustee. Another question addresses the eligibility of a husband for Social Security benefits based on his wife's earnings. The Social Security Fairness Act has ended provisions that once reduced benefits for some retirees. Now, if the husband is 62 or older and has not claimed spousal benefits, he can do so. Lastly, a woman wonders how withdrawals from her deceased husband's IRAs will affect her Social Security survivor benefits. She learns that while withdrawals from these accounts will be considered taxable income, they will not impact her Social Security payments. However, her earnings might, if they exceed a certain limit.


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