Estate Law

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If an irrevokable trust distributes to beneficiaries (as
If an irrevokable trust distributes to beneficiaries (as part of a final distribution) a money market fund like Vanguard's prime money market fund (VMMXX), is that regarded as income to the beneficiar… read more
Jessica B
Jessica B
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My mother passed away last week. She has a living trust of
My mother passed away last week. She has a living trust of which I am the executor. Part of here trust includes equities which I would like to sell off (to avoid any upcoming MKT crash). I have the on… read more
Loren
Loren
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My father died in 2016 with a trust. the trust was closed.
my father died in 2016 with a trust. the trust was closed. what are the tax implications for the old trust and the new one created for the trustees with the transferred assets?… read more
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Jessica B
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A.) If upon one's death, stocks and mutual funds in a
A.) If upon one's death, stocks and mutual funds in a deceased person's Revocable Living Trust are sold to pay the deceased's outstanding house mortgage and other bills as directed by the deceased's w… read more
Christopher B, Esq.
Christopher B, Esq.
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I am preparing a form 1041. An Asset Preservation Trust was
I am preparing a form 1041. An Asset Preservation Trust was set up in December 2014 in order to possibly avoid losing assets to Medicaid in the future. My client is the trustee, son of the trustor. Th… read more
RayAnswers
RayAnswers
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What taxs are paid by a trust if the some assets in it are
What taxs are paid by a trust if the some assets in it are sold at a profit? since the trust files it own return is the a capital gains tax?… read more
Christopher B, Esq.
Christopher B, Esq.
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My mothers estate was held in a revocable living trust - in
My mother's estate was held in a revocable living trust - in her SSN. She has passed. There are 3 heirs (myself and my 2 sisters) I am the successor trustee. The brokerage firm transferred the stocks … read more
socrateaser
socrateaser
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If you inherit stock from your parents and you choose to sell
If you inherit stock from your parents and you choose to sell it, how is the cost basis determined and do I pay a capital gains tax.… read more
LegalGems
LegalGems
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My mother passed away in May and has a $12,000 Life Insurance
My mother passed away in May and has a $12,000 Life Insurance policy naming her husband as beneficiary. The problem is...her husband died before she did and we didn't realize before Mother died that w… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
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Tax Law:1. An Individual transfers his/her investments
Tax Law: 1. An Individual transfers his/her investments to LLC owned by a Trust. 2. The investments comprise of investments in Real Estate Properties and Stocks and Bonds. 3. The Real Estate propertie… read more
socrateaser
socrateaser
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Shares of securities in a grantor trust are equally apportioned
Shares of securities in a grantor trust are equally apportioned between each settlor. When the first settlor dies is the cost basis stepped up on all shares or just the shares inherited by the survivo… read more
Brent Blanchard
Brent Blanchard
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Doctoral Degree
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TITLE:Inherited Farm QUESTION: Will capital gains tax apply
TITLE:Inherited Farm QUESTION: Will capital gains tax apply if we sell land acquired in a strangely structured inheritance. My mom was given a "life estate" in my Uncle's will with my brothers and sis… read more
Irwin Law
Irwin Law
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I am the trustee and sole beneficiary of my grandmothers trust.
I am the trustee and sole beneficiary of my grandmother's trust. I inherited her 50% ownership of three properties, which appraised as a whole at 3.8 million dollars. (The balance belonged to my grand… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
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My wifes mother passed away in 1989 and left her assets (stocks
My wife's mother passed away in 1989 and left her assets (stocks and bonds) to her husband in trust, with the residual upon her father's death going to her children. Her father passed away this year. … read more
Thomas McJD
Thomas McJD
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My parents set up a living revocable trust many years back.
My parents set up a living revocable trust many years back. Both of my parents are now dead (my Dad died back in January). Once my Dad died, the trust can no longer be amended or revoked. It was my Da… read more
John Legal
John Legal
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I am trustee of an estate trust fund created in 1952. With
I am trustee of an estate trust fund created in 1952. With the recent death of my great uncle, I have also become the beneficiary of that trust fund, which fund, as written in the estate, is to be ter… read more
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John Legal
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I would like to protect future assets (from foreign currency
I would like to protect future assets (from foreign currency exchange) from high taxation. I was told to set-up a trust. What else is there to do?… read more
John Legal
John Legal
Doctoral Degree
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My friend received about $30000 from a trust made by her aunt
My friend received about $30000 from a trust made by her aunt who passed away, and my friend's brother received about $30000 as well. They received the money when she died earlier this year. My friend… read more
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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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