How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55301
Experience:  32 years of experience practicing law and a businessman.
17027240
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

My Dad transferred his assets into an irrevocable trust. Are

Resolved Question:

My Dad transferred his assets into an irrevocable trust. Are the initial assets that were transfered taxable as income?
Submitted: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 years ago.

Good afternoon. The transfer of the assets was not an income taxable event. The transfer is deemed a gift and may or may not have resulted in a gift tax depending upon the value of the assets transferred.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard and other Business Law Specialists are ready to help you
Customer: replied 6 years ago.
In Texas how much can qualify under the gift tax?
Expert:  Richard replied 6 years ago.
Texas has no gift tax..it's a Federal issue. There is a annual gift exclusion ... currently $13,000 per person per year, plus a $1,000,000 lifetime gift exemption so if the assets were within these amounts, there would be no gift tax.
Customer: replied 6 years ago.

The assets are close to 1,000,000.00 and the trust has two Co-trustees. how does taht work.

Expert:  Richard replied 6 years ago.
It depends upon the beneficiaries, not the trustees. But, as long as the assets are under $1,000,000, there would be no gift tax.

Related Business Law Questions