Estate Law

Estate law questions? Ask an estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

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

Customer Question
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: 10 months ago.Category: Estate Law
Show More
Show Less
Ask Your Own Estate Law Question
Answered in 3 minutes by:
7/31/2017
Estate Lawyer: RayAnswers, Attorney replied 10 months ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 47,162
Experience: Texas lawyer for 30 years in Estate law
Verified

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.

Ask Your Own Estate Law Question
Estate Lawyer: RayAnswers, Attorney replied 10 months 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.

Ask Your Own Estate Law Question
Customer reply replied 10 months ago
Ok
Estate Lawyer: RayAnswers, Attorney replied 10 months ago

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

Ask Your Own Estate Law Question
Customer reply replied 10 months 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 10 months ago

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

Ask Your Own Estate Law Question
Customer reply replied 10 months ago
Could the Executor have some liability for not recommending and/or making the modifications.
Estate Lawyer: RayAnswers, Attorney replied 10 months ago

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

Ask Your Own Estate Law Question
Estate Lawyer: RayAnswers, Attorney replied 10 months ago

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

Ask Your Own Estate Law Question
Was this answer helpful?
Ask RayAnswers Your Own Question
RayAnswers
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 47,162
47,162 Satisfied Customers
Experience: Texas lawyer for 30 years in Estate law

RayAnswers is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

My husband has been driving me insane with questions regarding estate issues since his mother died. I'm not a lawyer! Thanks to JustAnswer, I was able to calm his concerns.

Loretta TIllinois

Thanks Adam!! - A very direct and understandable response - you have been a great help!

Happy CustomerEllicott City, MD

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Thomas McJD

Thomas McJD

Attorney

3,170 satisfied customers

Wills, Trusts, Probate & other Estate Matters

Barrister

Barrister

Attorney

5,488 satisfied customers

17 yrs estate law, real estate. Wills/Trusts/Probate

RayAnswers

RayAnswers

Attorney

47,162 satisfied customers

Texas lawyer for 30 years in Estate law

Infolawyer

Infolawyer

Attorney

5,032 satisfied customers

Licensed attorney helping individuals and businesses.

Ely

Ely

Counselor at Law

1,841 satisfied customers

Fully licensed attorney in Texas in private practice.

RobertJDFL

RobertJDFL

Attorney

1,454 satisfied customers

Experienced in multiple areas of the law.

ScottyMacEsq

ScottyMacEsq

Attorney

1,167 satisfied customers

Licensed Texas General Practice Attorney

< Previous | Next >

Related Estate Law Questions
I am confused about the need to open an estate account for
I am confused about the need to open an estate account for my late father's estate. I know we will need to do so for the one of my father's investment accounts that was missed by the living trust he h… read more
LegalGems
LegalGems
Juris Doctorate
11,979 satisfied customers
Concerning a living will - when, if at all, does the
Concerning a living will - when, if at all, does the successor trustee have to submit to the NY probate court the pour-over will? (i.e. if and only if the trustee discovers an asset not in the living … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
My father passed on May 1. His non-cash assets consisted of
My father passed on May 1. His non-cash assets consisted of furnishings, clothes, knick-knacks, family pictures, and small household items.He owned no real property or vehicles. He did have a number o… read more
P. Simmons
P. Simmons
Attorney
Doctoral Degree
36,567 satisfied customers
Does trust get filed anywhere? or just notarized and given
Does trust get filed anywhere? or just notarized and given to my executors (trustees)? I am using trust templates, but am worried that my will may be in conflict? I used a template for my will also. S… read more
LegalGems
LegalGems
Juris Doctorate
11,979 satisfied customers
I have some more questions. 1) I want to put my assets
I have some more questions.1) I want to put my assets including bank accounts and jewelry in a trust. what is the process to fund it and register in California? My bank accounts are already in pods.2)… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
How to properly fill out a Muniment of Title. Texas. Death
Death Certificate, Revocable Living Trust, Pour-Over Will contained within Trust. No debts, no property. … read more
RayAnswers
RayAnswers
Attorney
47,162 satisfied customers
My mom made a Special Needs Trust for me on my request after
My mom made a Special Needs Trust for me on my request after I was told that I will never be repaired from botched hip replacement. I found out 3 months ago I can be fixed and I won't need the SNT … read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
I'm wondering if my wife and I should make a will or a
I'm wondering if my wife and I should make a will or a living trust ? … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
My mom passed away and her condo is solely in her name will
My mom passed away and her condo is solely in her name will that cause the whole trust and estate go into probate. … read more
Jessica B
Jessica B
Juris Doctor
1,085 satisfied customers
Wife owned a house -- passed away -- Pour over to revocable
Wife owned a house -- passed away -- Pour over to revocable trust --wife's last will and testament provides --- for any laps of bequest referred to as my "Residuary Clause " to then acting trustee -- … read more
LegalGems
LegalGems
Juris Doctorate
11,979 satisfied customers
Any California lawyers practicing Estate law here in Los
Any California lawyers practicing Estate law here in Los Angeles County still burning the midnight oil? I have a question concerning Section 8200(a) of the California probate code and what has been wr… read more
LegalGems
LegalGems
Juris Doctorate
11,979 satisfied customers
My father passed away in Arizona. He had a living trust
My father passed away in Arizona. He had a living trust covering the majority of his assets. However, he did not have his home in the trust. He had recently moved and forgotten to add it. The home is … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
I am the Trustee of my husbands Trust. We were together as
Second opinion] I am the Trustee of my husbands Trust. We were together as husband and wife but not married for @35 years. We Married in March and he died in May. He was suffering from cancer but his … read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
In CA. My parents created a revocable living trust with pour
In CA. My parents created a revocable living trust with pour over wills. But they never transferred their real estate by deed into the trust. My mom died first and their real property was held in join… read more
Barrister
Barrister
Attorney
Doctoral Degree
5,488 satisfied customers
I guess - provide an answer. iowa, pour over wills; trust
pour over wills; trust documents; a lot of correspondence with trustees and attorneys; court proceedings … read more
LegalGems
LegalGems
Juris Doctorate
11,979 satisfied customers
Grandfather set up trust for life of wife, with pour over to
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 … read more
RayAnswers
RayAnswers
Attorney
47,162 satisfied customers
Do you have a form for a pour over will, nebraska, i have a
i have a revocable trust that was made when my husband died, but it is 18 years old and people are telling me i need the poour over will … read more
KLAW
KLAW
Juris Doctorate
2,115 satisfied customers
My mother passed away and had a living trust and pour over
My mother passed away and had a living trust and pour over will. I am the successor trustee. I have since found she owned some stocks. Their web site says I need a certificate of appointment or small … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers

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).

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).

Show MoreShow Less

Ask Your Question

x