My mother set up a GST trust through her living trust upon
My mother set up a GST trust through her living trust upon her death. She died in 2002. The trust owns property and has income. I am the sole beneficiary and trustee, and my two children are the beneficiaries upon my death. The property has appreciated and I am now concerned that upon my death the property would transfer, via the trust, to my children with its current book value. If I terminate the trust and transfer the property to me personally, upon my death the property will have a step up in basis and my total assets are below $5,000,000 so will not be taxed upon my death.Question: Is there any tax or legal reason why I should not terminate the trust and distribute the property to myself personally. The trust gives me authority to do so.
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?
In arizona if one party, married at the time now deceased,
in arizona if one party, married at the time now deceased, leaves property to a family friend but specifies only after the spouse death can the benfeciary take possesion of that property what takes place if the spouse creates a living trust as a widow leaving that property to one of their family member. The deceased spouse did not inform his wife that he had formally given the property to the friend in a will that was notorized.
I am the trustee for my deceased brother's estate. His home
I am the trustee for my deceased brother's estate. His home is in his living trust. there are 7 beneficiaries. Home with no mortgage was sold. I assume each beneficiary receives a K-1. $20,000 was put into repairs after his death and be sale. Closing cost for sale were $12,000.Questions can cost of repairs go into loss on the sale?Will beneficiaries only benefit from the capital loss when they have a capital gain?What happens to the capital loss if there is no offset cap gain for a beneficiary?
WE have a revocable living trust, my husband and I, and have
WE have a revocable living trust, my husband and I, and have 2 of our sons on it also - we only have a house , nothing else, wondering if when we die , if we have credit card debt, if our sons will be legally liable to pay those. I have just come through some situations with others where the heirs/ in this case we have a trust / were not legally liable for those debts of the unsecured credit cards. What say you ?
My relative bought a house together with his sister some 40
My relative bought a house together with his sister some 40 years ago. He has passed away 3 years ago and left a will stating his wife inherits the ownership to his portion of the house. The sister was the primary occupant in the house where she still lives, she has no surviving relatives (husband or children). Based on the county real estate records the house is owned by the sister's living trust, which looks like it was established shortly after the brother's death. The surviving wife and sister are estranged and the wife has no way of knowing what will happen to the house after sister's death and if she is listed in the trust. What is the best way for the wife to verify the status of ownership of the house and what will happen to it after sister's death? What claim can the wife make and what documents are required? Thank you
Counselor at Law
My Mom has a trust and put her 2nd home in the Trust. (she
My Mom has a trust and put her 2nd home in the Trust. (she sold all the rest of her property. The Benificiary for the home is my Sister, Sally. (made up name) Right now she is living in the home rent free. This is all fine....My question is. About 10 years ago, my Mom signed a lease with Sally. As a tenant, my sister sally wants to take advantage of a program in MA that makes home more energy efficient . They don't charge anything for it. She wants me, (as POA) to sign off on it.Is my sister a life long tenant? Can I sign or does the Trust have to sign. I'm always signing papers for the Trust, doing the Taxes et.
My mother died last month. I am her executrix of her will
My mother died last month. I am her executrix of her will and the trustee for her revocable living trust. She lived in Florida and owned a house. I filed her will at circuit court and I filled a quit claim deed as well (property equally divided between my brother and me). I was told that I need to open an estate account in her name (I already have a checking account where I am joint with her). But I was told I need a letter of testamentary in order to do that. How can I get this letter (with the living trust I was told I don't need to go thru probate) in order to open the estate account. I was told my the surrogate court in NY (where I live) that I would have to get a letter from Florida first and then get an ancillary letter for NY in order to open her estate account in NY.JA: Since laws vary from place to place, what state is this in?Customer: The state is Florida. I live in NY.JA: Have you talked to a lawyer yet?Customer: No, my mother had a lawyer that prepared all the documents but when I tried to talk to her she sent me a letter saying she wouldn't talk to me without paying her money up front. Which is what I had intended to do ... But the letter put me off ... And since then I've found out she was not recommended.JA: Anything else you think the lawyer should know?Customer: There is no contention about the distributions to the beneficiaries of the will ... I'm just trying to get thru the process. We had thought having the living trust and all the paperwork would make this easier. Doesn't seem so.