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Recent Grantor Trust questions

I have a question regarding how to take title of real

I have a question regarding how to take title of real property in Los Angeles County. I am the successor trustee to my parents revocable trust, both deceased, and there is a house in the name of their trust. I think a need a quit claim deed to be recorded, but my question is if I need to take two steps to do it, one to transfer it to me as an individual as named in the trust, and then to my own family trust.JA: Since estate law varies from place to place, can you tell me what state this is in?Customer: CAJA: Has anything been filed or reported?Customer: The change of ownership and the claim for reassessment exclusion for transfer between parent and childJA: Anything else you want the lawyer to know before I connect you?Customer: I also have a question regarding my deceased father's wishes that I give each grandchild money, not specified in the will, but he wanted $100,000 to go to each child. I want to know if I have to do this in one payment or if I can do it over a period of time, and whether or not I have to keep the trust open to do this.

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LegalGems

Juris Doctorate

18,156 satisfied customers
My question is the following with pertinent background

Hello,My question is the following with pertinent background information below:1)My parents had a living trust-They are now both deceased with my father recently passing away on Feb 12, 2016 and my mother in 2006.2)Our only residence (primary) is titled with the county of Santa Clara with the name of the living trust.3)I am the designated successor trustee on my parents living trust4)The bank account that I paid the county house taxes on was included in the living trust5) On Feb 19th, 2016 I paid the 1st installment of the county house tax. On Nov 30, 2016 I paid the 2nd installment of the county house tax. Both payments were made out of the bank account included in the living trust.6) Last month Feb, 2017 I was told that I had to file for an EIN since now the living trust is an irrevocable trust and needs its own Tax ID. I didn't know this until the bank told me. Which means that the house taxes were paid out of the "living trust" not the irrevocable trust with its own EIN.7) The house is still titled with the county under the Living Trust name of my parents and hasn't been changed...yet.My question is this:Since the house taxes are deductible and I'm the trustee of the living trust and I live full time in the house as my primary residence, am I allowed to take the tax deduction on my tax return? Or is that something that can only be deducted by the titled owner (in this case the Living Trust) ?Thank you...Bob Morton

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levr

Retired

Bachelor's Degree Equivalent

25,416 satisfied customers
Can the grantor of a defective irrevocable trust sell his

Can the grantor of a defective irrevocable trust sell his home to the trust with no capital gain if lived in for more than 2 years?JA: Estate laws vary by state. What state are you in?Customer: OKJA: What documents or supporting evidence do you have?Customer: Title to home and trust documentsJA: Anything else you want the lawyer to know before I connect you?Customer: no

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Damien Bosco

Attorney

Doctoral Degree

3,870 satisfied customers
Need info of forensic audit on protium master grantor trust

I am looking for information about forensic audit on protium master grantor trust.This is in the state of Arkansas. I have been fighting them since 2013. I need to know if the trust still exists.The case is in federal court for foreclosure, I need to know if the trust still exists; it is important in my case.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

116,788 satisfied customers
My two sisters and I are trustees and beneficiaries to two

Hello,My two sisters and I are trustees and beneficiaries to two trusts set up by my parents as part of their estate plan. A lawyer reviewed the trusts on our behalf and determined that there is a provision in the trusts to allow the properties in the trusts to be transferred our names now. He said that the only thing that we would need to do is sign the deeds to the properties. Here are our questions:1) By transferring the properties in our names will this help to thwart any potential challenges by a potential sibling (whom my father denies fathering) who may make claims to the properties?2) My sisters and I would like to have the ability to take a loan out against the properties for investment purposes. Are there any caveats/things that we should be aware to facilitate our financing process for the properties?3) Are there any negative tax implications to transferring the properties into our names?

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Attorney2

Doctoral Degree

8,566 satisfied customers
Do I need to report a defective grantor trust on Schedule G

Do I need to report a defective grantor trust on Schedule G of Form 706 even though it is not subject to estate tax?

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Infolawyer

Attorney

Juris Doctor.

42,530 satisfied customers
As executor of an irrevocable grantor trust who was sole

As executor of an irrevocable grantor trust who was sole caregiver and living with my parent who passed 11mos ago, do I owe rent to my sister the other beneficiary of the trust for the 12 months I have resided in the residence while the affairs of the estate were being cleared to allow the sale of the house? I am purchasing the house but have been unable to open escrow until i recently received a settlement clearance from Medi-cal.

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Loren

Juris Doctor

43,842 satisfied customers
I am an executor and beneficiary of an irrevocable family

i am an executor and beneficiary of an irrevocable family grantor trust. My father passed last year. $100,000 in bank and a appraised at his death $295,000 home. I was his sole caregiver for the last three years and lived with him. I am preparing financials and estimate of estate distribution. When is the house valued? At time of death or at time of sale? It has been almost 1yr from his death. it has taken time to complete his financials and settlement with Medi-cal. I wish to remain in the house and purchase out my sister the only other beneficiary.JA: OK. To minimize me, please click the down arrow at the top right corner of this box. Handling a trust can seem complicated, but getting the right information now can only help. Because laws vary from state to state, could you tell me what state is this in? OK. To minimize me, please click the down arrow at the top right corner of this box. Have you consulted a lawyer yet?Customer: CaliforniaJA: Is there anything else the Estate Lawyer should be aware of?Customer: I have distributed $60,000 of the $100,000 to my sister. I may have a few more expenses. Final taxes for estate and personal need to be prepared.JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Estate Lawyer about your situation and then connect you two.

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RayAnswers

Lawyer

Doctoral Degree

42,928 satisfied customers
My husband is a trustee with his brother on an irrevocable

My husband is a trustee with his brother on an irrevocable defective grantor trust. He has not seen any documents pertaining to the trust nor does he know what rights he has on this trust. My question is: Does he have any rights or responsibilities?

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5,318 satisfied customers
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