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Recent estate law questions
I have inherited an undivided interest of family farm land
I have inherited an undivided interest of family farm land from my Father's QTIP Trust. My mother has now deceased who was the beneficiary. Can I sell the undivided interest without incurring the sheltered estate taxes from the QTIP trust?
The fallowing applies to a husband and wife residents of
The fallowing applies to a husband and wife residents of NYS. Estate lower than limit to file Federal Estate Tax Return but may have to file NYS Estate Tax Return. Wife deceased on 03/2013. Had an a Revocable trust which upon death would become a CreditShelter Trust same type of trust documents for surviving spouse. 1)Should this trust had been included in wife's Estate Tax Return. Husband deceased on 03/2015. In 10/2013 7mos after wife passed away most of HIS Revocable trust was gifted to his grand children.2)As per the IRS 3 yr look back period shouldn't all of these gifts be included in his Estate Tax Return.
BEFORE MY HUSBAND DIED HE CREATED A CREDIT SHELTER TRUST AT
BEFORE MY HUSBAND DIED HE CREATED A CREDIT SHELTER TRUST AT OUR LOCAL BANK AND MADE ME THE TRUSTEE - FOR THE BANK ACCOUNT - COULD I ADD MONEY TO THE ACCOUNT -- I REALLY KNOW VERY LITTLE ABOUT A CREDIT SHELTER TRUST - PLEASE HOW DO I HANDLE A CREDIT SHELTER TRUST ---- THANK YOU
Hello, thanks for your response. I do have some follow-up questions.
Hello, thanks for your response. I do have some follow-up questions. Grantor trust vs marital trust: Is the grantor trust a better approach than the marital trust approach (I think that you had previously recommended this approach)? Is there any downside to the grantor trust approach? Stepped up basis: When will the property be added at a stepped up basis (in lieu of the original cost of the property)?One trust instead of two: I think that your idea is good to have one trust instead of two. Is there any downside to having the assets in one trust? If we keep all of the property in one trust would my parents have to pay NYS taxes? Medicaid eligibility: Is there any way that my parents can become Medicaid eligible and keep their property into the trust so that they have access to the income in their property?
My uncle has my mothers name on an account statement for a
My uncle has my mothers name on an account statement for a credit shelter (she receives the statements). Does this mean she will inherite this amount when he passes? My mother is in a nursing home and I am power of attorney. Will the nursing home take the money or will I as power of attorney be able to protect it?
I am in California and wish to give my wife a life estate in
I am in California and wish to give my wife a life estate in my residential house. I understand that a QTIP Trust is a way to do this. Is that correct? Does the QTIP trust help with tax consequences later? If so, how does it help with tax consequences, particularly if I want to leave the house to my sons after my wife dies? What are the advantages of a QTIP trust over an AB Bypass trust? What specific language do you use in the Trust to give the life estate to my wife using the QTIP trust vehicle? The specific language is very important--thanks, XXXXX XXXXX it.
Our Oregon friends estate is valued at $2.8 million. TheirView more estate law questions
Our Oregon friends estate is valued at $2.8 million. Their Credit Shelter Trust provides for the maximum Federal deduction and the Oregon estate tax. Should this by-pass trust be amended, or eliminated and the Oregon death tax be taken care of in a different way? Does their present Revocable Living Trust suffice with article amendments for the Oregon tax, or should it be replaced?