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What tips off the IRS that an asset in a trust is in a
What tips off the IRS that an asset in a trust is in a revocable trust (as opposed to an irrevocable trust) and therefore entitled to a step up in basis at the owners death (with the property going to… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,582 satisfied customers
How to get date-of-death basis of revocable trust assets for
How to get date-of-death basis of revocable trust assets for successor trustees when successor trustees assume ownership of Trust assets after death of grantors? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
A Living Revocable Trust has become an Irrevocable trust
A Living Revocable Trust has become an Irrevocable trust upon the death of the grantor. The grantor's personal residence was in the trust and it sold at a considerable gain. I'm assuming the property … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,582 satisfied customers
My Father and Mother, who are now deceased, left the house
My Father and Mother, who are now deceased, left the house in a family trust. My brothers and sister now want to sell the house. I have lived with my Mother for two and half years, and took care of he… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
A limited liability partnership was owned by a trust cfeated
A limited liability partnership was owned by a trust cfeated by the former owner. At the former owners death, the trust required termination of the trust distribution of the partnership interest equal… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
283 satisfied customers
We have a client who's mother died and had a living trust.
We have a client who's mother died and had a living trust. After she died does the living trust automtically convert to another trust.? There is another trust now. A house was sold and the HUD has an … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,270 satisfied customers
There were three beneficiaries of a complex trust [Only held
There were three beneficiaries of a complex trust [Only held real estate ]. Two of the beneficiaries died within 3 months of each other and the remaining beneficiary sold the land 3 months after the d… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
My dad (foreigner, not US tax resident) wants to buy $400K
My dad (foreigner, not US tax resident) wants to buy $400K condo in CA and place it into Trust. I am Trustee (US resident). Beneficiaries are my minor kids (settlor's grandchildren), also local. What … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
About 10 years ago, my mother put a farm into an Irrevocation
About 10 years ago, my mother put a farm into an Irrevocation Living Trust, so in case anything happened my bother , sister and myself would share equally in the ownership, while she continued to rece… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
Situation: My wife and I are Canadian residents. We own a
Situation: My wife and I are Canadian residents. We own a condo in Hawaii in joint ownership, which we rent part of the year and use part of the year. In the foreseeable future it is not expected that… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
Hi Lev: similar to the partnership with 3 partners and one
Hi Lev: similar to the partnership with 3 partners and one dies..his trust now owns his 1/3 interest and is receiving distributions from the partnership....Question...is their a stepped up 754 electio… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
H & W bought residence after second marriage (his kids, her
H & W bought residence after second marriage (his kids, her kids but no our kids). H dies in 1985 and leaves his 1/2 of residence to W, in Trust, "... to be held, administered and distributed as follo… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
20,582 satisfied customers
A mother set up a living trust with real property with terms
A mother set up a living trust with real property with terms allowing her daughter to live in the home until her death then all right and title passed to the daughters children. The mother died in 199… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
I am the trustee of my late Wifes Revocable Trust. The only
I am the trustee of my late Wife's Revocable Trust. The only asset is a condo. If the condo is sold, will it be treated as a capital gain for federal income tax purposes? Is the rate 15% of the gain?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
Louise, who died in January 2011, was survived by her husband,
Louise, who died in January 2011, was survived by her husband, Larry. Louise's gross estate was equal to $6,000,000 on the date of death. When Louise died, Louise and Larry owned an undeveloped parcel… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
i still have a question - this was a revocable family trust
i still have a question - this was a revocable family trust - are you now saying that the trust is irrevocable, even those both individuals are named as trustees of the trust… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
My client created a living trust( revocable) and recently died.
My client created a living trust( revocable) and recently died. The trust owned a majority interest in a limited partnership that owned a piece of real estate in Brooklyn, ny. My query is: section 754… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
My parents created an irrevocable trust in NYC in 2000. Their
My parents created an irrevocable trust in NYC in 2000. Their co-op apartment and stocks were put into the trust. Now that they have died, I, as trustee, have sold some stocks and then distributed the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,434 satisfied customers
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