Estate Law

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I have a house which can be split up into two separate
I have a house which can be split up into two separate residencies. The house is worth $1,000,000 and has a cost basis of 200,000. I am married and we lived there and owned this house for over 2 years… read more
Jeffrey Gaffney
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If property is sold in a trust and there is recapture due to
if property is sold in a trust and there is recapture due to taking depreciation can one beneficiary take the recapture profit and another take the remaining profit from the sale.… read more
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Jeffrey Gaffney
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I am part owner in a property that was converted from a
I am part owner in a property that was converted from a trust a few years ago into an llc when my grandfather passed away. The trust was set up by my gradmother in the 70s and when she died my grandfa… read more
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Need attorney in community property state (Texas) for question
Need attorney in community property state (Texas) for question about cost basis . Cost basis is more complicated than my probate attorney explained to me. Husband died. Sold rental property a year and… read more
RayAnswers
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GM, I am 25% owner of my deceased mother property. FMV of
GM, I am 25% owner of my deceased mother property. FMV of property is 325,000.She died 11 years ago without a will and we are selling her home. How will proceeds be disbursed to the heirs? What is my … read more
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RayAnswers
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I am the sole beneficiary of a GST irrevocable trust set up
I am the sole beneficiary of a GST irrevocable trust set up by my living father. My children are next in line. I am able to take money out for living, medical, college loans for children etc. If the b… read more
RayAnswers
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I would like to ensure that I understand the level of tax consequence
I would like to ensure that I understand the level of tax consequence related to the eventual sale of my father's home. I am the Executor of the Estate/Trust. The only tangible asset is the home, whic… read more
Irwin Law
Irwin Law
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I have a real estate in NJ which I would like to move to a
I have a real estate in NJ which I would like to move to a revocable trust (I am the grantor). If I sell the property to the trust for, say, $100, and, if for some reason in few years, the trust sells… read more
ScottyMacEsq
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How are depreciable assets in a partnership valued at inheritance
How are depreciable assets in a partnership valued at inheritance (at the death of a partner and inherited) for tax purposes? Is the value the depreciable assets the FMV at the date of the partner's d… read more
Brent Blanchard
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My father died in November 2011. He had a Will executed in
My father died in November 2011. He had a Will executed in 1999 leaving his estate to my sister and I. Assets are a house with a mortgage of 40,000 (probate Examiner estimated the value of the house 4… read more
Barrister
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Assume my home has a cost basis of $100,000 and a current market
Assume my home has a cost basis of $100,000 and a current market value of $300,000. Also assume I transfer (gift) my home to an irrevocable property trust that subsequently sells the home for market v… read more
Roger
Roger
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Estate Planning Question Is there a way to avoid paying
Estate Planning Question Is there a way to avoid paying capital gains when selling property and downsizing? I am a widow, age 74, living in Illinois (61548 zip code) Do I understand correctly: that wh… read more
Richard
Richard
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I liquidated by s corporation have my wife died. Do I get
I liquidated by s corporation after my wife died. Do I get a setup in basis on the company assets that i had to sell off. we owned the business 50/50. we had business losses for many year and have ver… read more
socrateaser
socrateaser
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I am in a family limited partnership.....we are all in disagreement
I am in a family limited partnership.....we are all in disagreement as what to do with property. My brother took the best piece and ruined it /wetlands etc. & wasted $300,000. of our money on it. (and… read more
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In Pennsylvania - Decedents Inheritance Tax - No probate, no
First some background information: In Pennsylvania - Decedents Inheritance Tax - No probate, no letter - Everything in dual names. House in dual names, needs work. Does Pennsylvania require a formal a… read more
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I have to file a 1041 Schedule E for 2009 on my wifes estate.(She
I have to file a 1041 Schedule E for 2009 on my wife's estate.(She passed away Oct,2007) She had 2 income producing apartments which I prepared the depreciation sheets, mostly straight line 27.5 years… read more
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socrateaser
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Hi...my parents are moving into an assisted living facility
Hi...my parents are moving into an assisted living facility next month. The VA will help pay for this facility's monthly fee, but the value of their home disqualifies them for the program. I was think… read more
socrateaser
socrateaser
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Hello and thanks for offering to help. I hope you can. MY Story
Hello and thanks for offering to help. I hope you can. MY Story is this: About 15 years ago my mother & father-in-law died (about 2 yrs apart) leaving their entire estate to their two children, my wif… read more
Loren
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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