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Grandfather set up trust for life of wife, with pour over to…

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Grandfather set up trust for...
Grandfather set up trust for life of wife, with pour over to daughter in Trust to terminate with grandchildren. Cost basis 50 years ago was about $150,000. Today the Trust assets are worth about $3.5 million. A bank has been Executor for 30 years. there are five grandchildren. Daughter has now passed. One of the grandchildren wants to buy business from the other siblings. Since this was a generation skipping trust (very old formation) are the kids screwed on getting a step up basis. While alive could the mother (daughter) have modified the trust to be able to get step up before she passed. Is there any workaround today. Seems very unfair for an elderly person to know if that was possible.
Submitted: 1 year ago.Category: Estate Law
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Answered in 3 minutes by:
7/31/2017
Estate Lawyer: RayAnswers, Attorney replied 1 year ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 48,782
Experience: Texas lawyer for 30 years in Estate law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Estate Lawyer: RayAnswers, Attorney replied 1 year ago

Yes the kids are screwed on getting a step up basis.There will be taxes due here on any gain from the sale.The kids may want to talk to their CPA to see if there is any way this can be spread out a bit.They could at least complete the sale in say January so they would have a year to absorb the tax hit.If the others are willing to wait that long it might make sense to do so ,otherwise they just have to pay.The way this was set up was going to leave the taxes to those down the line that become beneficiaries.There will be taxes due from the sale here and the gain and no real way to deflect those that I see.

I appreciate the chance to help you today.Thanks again, sorry for your loss of loved one.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 1 year ago
Ok
Estate Lawyer: RayAnswers, Attorney replied 1 year ago

Please let me know if you have more, thanks again.

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Customer reply replied 1 year ago
Could the trust have been modified while daughter still alive so she could get step up basis while assets still in trust
Estate Lawyer: RayAnswers, Attorney replied 1 year ago

Yes it could have been at that point.You are correct.

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Customer reply replied 1 year ago
Could the Executor have some liability for not recommending and/or making the modifications.
Estate Lawyer: RayAnswers, Attorney replied 1 year ago

It is possible for someone to sue the executor for breach of fiduciary duties in this matter.

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Estate Lawyer: RayAnswers, Attorney replied 1 year ago

Thanks again and thanks for rating 5 stars.I appreciate the chance to be of service to you today.

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