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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
16,620 satisfied customers
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
Retired
Bachelor's Degree Equivalent
31,895 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
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Bachelor's Degree Equivalent
31,895 satisfied customers
The stocks were held in a revocable trust they will pass to
The stocks were held in a revocable trust they will pass to the beneficiaries, but in the meantime the broker had to re-title them to an irrevocable trust since grantor died. Do the beneficiaries stil… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,895 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
Retired
Bachelor's Degree Equivalent
31,895 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
16,620 satisfied customers
My wife's mother was the beneficiary of an irrevocable
My wife's mother was the beneficiary of an irrevocable trust. That trust was set up by my wife's mother's mother in her will. Confusing huh? My wife's grandmother established a trust in her will for m… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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Step up in Basis question on wife's house going to me via a
step up in Basis question on wife's house going to me via a trust, then either house goes to kids, or an indexed fund instead goes to kids - a basis step up: My wife died. Her will puts her SEPARATE (… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,620 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
31,895 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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Bachelor's Degree Equivalent
31,895 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
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
31,895 satisfied customers
Regarding Estate and Income Tax planning: One half of the primary
Regarding Estate and Income Tax planning: One half of the primary residence is in a trust which was established upon the death of the husband and asset placed in the trust after his death. Children of… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,895 satisfied customers
Property transferred into an irrevocable trust created by owner
Property transferred into an irrevocable trust created by owner of property and then distributed at his death to his children or next of kin still loses out on the step up in basis? If grantor retains… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,895 satisfied customers
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
Retired
Bachelor's Degree Equivalent
31,895 satisfied customers
In the tax law it states that prior to 2010 , the basis of
In the tax law it states that prior to 2010 , the basis of inherited property is the FMV at the time of death. However, in community property states, the basis of the full property - even the half own… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,895 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
31,895 satisfied customers
The trust that I want to establish is a Special Needs Trust
The trust that I want to establish is a Special Needs Trust for an autistic grandson. I believe, in order to preserve the disability benefits he receives, that the trust must be set up as a irrevocabl… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
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