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My mother died in 2016; all of her assets were held in a
My mother died in 2016; all of her assets were held in a revocable grantor trust before she died and became irrevocable upon her death. At the time the trust was set up, the title of her real property… read more
NelsonProTax
NelsonProTax
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Master's Degree
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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, MBA, CFP, CRPS
Doctoral Degree
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Question regarding types of trusts: my husband and I are
Question regarding types of trusts: my husband and I are interested in setting up a trust. The purpose is: (1) to avoid probate in the event of death; and (2) for some assets, to shield from liabiliti… read more
Lev
Lev
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Bachelor's Degree Equivalent
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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, MBA, CFP, CRPS
Doctoral Degree
16,641 satisfied customers
Need to liquidate some (not all)stocks held in an Irrev.
need to liquidate some (not all)stocks held in an Irrev. Trust If I sell the stocks within the trust, the trust will pay the capital gains tax, Correct? Is there a way I can distribute them in kind to… read more
Lev
Lev
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Bachelor's Degree Equivalent
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A Texas family is being asked to put their 289000 house in a
A Texas family is being asked to put their 289000 house in a grantor irrevocable trust. If the house is sold for 389000 10 years from now when is the gain taxable and if they take distributions are ga… read more
Lev
Lev
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Bachelor's Degree Equivalent
40,709 satisfied customers
My mother, who had 2 trusts created for her by her parents.
My mother, who had 2 trusts created for her by her parents. passed away recently and left me with the stock from the two trusts. The bank that was co-trustee with my mother is about to transfer the st… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,641 satisfied customers
My wife inherited a piece of rental property from a
My wife inherited a piece of rental property from a revocable trust that her parents had set up after her father and brother died her mom did an amendment that made her trustee and sole heir. Her mom … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,641 satisfied customers
In A- revocable trust, with assets under 2 million, and
In A-B revocable trust, with assets under 2 million, and first spouse has now died (both equal grantors and executors), are all assets in trust stepped up in basis, or must trust be divided as origina… read more
Lev
Lev
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Bachelor's Degree Equivalent
40,709 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
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A grantor trust will sell a residence and since it is the final
A grantor trust will sell a residence and since it is the final year of tax reporting, the proceeds will be distributed to the beneficiaries. Can the beneficiaries use the $250,000 sec 121 exclusion?… read more
Lev
Lev
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Rev Living Trust, "Grantor Trust". Taxpayer setup this trust
Rev Living Trust, "Grantor Trust". Taxpayer setup this trust in 2009. He died in 2011. 2012 all of his stock and bonds were sold. He has $60,000 capital gains and interest and dividend income. Attorne… read more
Lev
Lev
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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
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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
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I am trustee of a trust established under the will of my grandfather.
I am trustee of a trust established under the will of my grandfather. The beneficiary of this trust is his wife until she re-marries (unlikely) or dies. Upon her death, what is the cost basis of secur… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Are assets Distributed from an irrevocable Grantor trust after
Are assets Distributed from an irrevocable Grantor trust after the death of the settlor/ creator included in the gross estate of the settlor and what is the basis of those assets for the beneficiaries… read more
Lev
Lev
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Bachelor's Degree Equivalent
40,709 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
Tax Advisor
Bachelor's Degree Equivalent
40,709 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
Tax Advisor
Bachelor's Degree Equivalent
40,709 satisfied customers
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