Join the 9 million people who found a smarter way to get Expert help

Recent Revocable Trust questions

Property Tax Exclusions Property Held in Trusts: dies in

Property Tax Exclusions for CA Property Held in Trusts: John dies in Northern CA in January. He has two commercial properties (apartments) left to his five children in a trust. The property titles are held in the trust's name. The children/beneficiaries haggle over selling or not selling for 7 months. The children finally agree to put the buildings on the market and anticipate selling them. Just before getting them on the market, one property county assessor mails them a supplemental property tax assessment and increases the property taxes due. The assessors office valuation goes from 900K to 3.5 million and the taxes are raised from 5K to 60K. Isn't this property excluded from the increased property tax assessment and associated increased tax bill? If so, why?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
If a person wish's to safeguard there finances by

if a person wish's to safeguard there finances by placing in a trust. is it wise to have an attorney as trustee as he technically would be the owner of the assets?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
To follow-up on our conversation yesterday, where can we go

to follow-up on our conversation yesterday, where can we go so my mother can gift house to Me?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
My parents had a revocable trust; they are both deceased

My parents had a revocable trust; they are both deceased now. The trustee is going to make the final distributions to us beneficiaries. The CPA says he needs my social security # ***** issue K-1s. 2 questions: What is a K-1? And why do I have to give my social.security #? Thank you.

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

star-full
8,926 satisfied customers
Mom is alive but with dementia. Her house is in a trust and

Mom is alive but with dementia. Her house is in a trust and I just was given successor trustee rights so I can sell it to pay for her care. Question is, She lives in California in a care facility and I am out of state. On escrow paperwork, on the IRS formfor tax purposes, it wants the sellers name which I assume is the name of the trust, but then wants a mailing address. For tax reasons I want everything in California. Do I put the care facility address for her or a relative nearby? Or, do I put mine? Thebank where funds will be deposited will be set up in California.

Read more

Lev

Retired

Bachelor's Degree Equivalent

star-full
24,192 satisfied customers
my name is***** have an elderlaw question concerning buying

Hi my name is***** have an elderlaw question concerning buying a house and having my 88 year old mother live with me. Her house is in a trust now. I have been told that it would be protected in a trust if she has to go into nursing home within 5 years. I wanted to sell it and have her live with us. I have been told we should not own the home- she should. Any insight?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
A friend is beneficiary of a charitable remainder trust that

A friend is beneficiary of a charitable remainder trust that her father set up many years ago. He died last year and she started to receive distributions. The college managing it sent her a tax form that allocates the distribution between income and capital gain, with most of it in capital gain. I think it should be a return of capital because since her father's death, the income and gain have been minimal. The college says the capital gain accumulated over the years and that they allocate first to income, then capital gain and last to return of capital. I'm wondering why there's any accumulated capital gain, considering that the father died recently. Wouldn't the estate tax procedures wipe out that capital gain at his death and reset the trust to market value?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
Do I pay income/sales taxes on the sale of a property that

Do I pay income/sales taxes on the sale of a property that was in a irrevocable trust, I am not asking about property taxes..

Read more

Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

star-full
8,926 satisfied customers
If I put my assets into a trust are they treated the same as

If I put my assets into a trust are they treated the same as personal income tax on a 1040? IE: capital gains, interest, dividends. or are they at a higher rate?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

star-full
16,736 satisfied customers
View more finance questions
In The News