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We took my dad's house out of an irrevocable trust, deed was
We took my dad's house out of an irrevocable trust, deed was changed to his name, then placed it into his revocable trust and deed changed to that last year. He had 50% ownership with the irrevocable and 100% in the revocable. Is there a taxable event? The irrevocable trust now holds only $10K. Can that be distributed and the trust closed? Anything to consider before doing that? … read more
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My dad was grantor of a trust. He died in 2018. The
My dad was grantor of a trust. He died in 2018. The revocable trust became irrevocable when he died. My mom became trustee of the irrevocable trust. In Massachusetts what is the estate tax for this. D… read more
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I need to ask a question about trusts. There were 4 kids in
I need to ask a question about trusts. There were 4 kids in my family. I am the oldest. My dad was an undertaker and he and my mom set up several trusts for us kids. One was an irrevocable income trus… read more
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MY MOTHER HAD ANA REVOCABLE TRUST THAT BECAME IRREVOCABLE AT
MY MOTHER HAD ANA REVOCABLE TRUST THAT BECAME IRREVOCABLE AT HER TIME OF DEATH ON MARCH 7, 2017. MY SISTER BECAME THE TRUSTEE OF THE TRUST AT MY MOM'S PASSING. MY SISTER SOLD MY MOM'S HOUSE WHICH WAS … read more
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My mother-in-law passed away 12/15, but a year prior she put
Thanks. My mother-in-law passed away 12/15, but a year prior she put her property (mostly house and furnishings) in a trust held by her three daughters. She passed away 12/16 and the house was sold an… read more
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I inheirited a rental building from my mother this year.
I inheirited a rental building from my mother this year. When alive she was depreciating some capital improvements so there is a year or two left on the schedule. How do I treat the depreciation on he… read more
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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
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I am about to sell a partial interests in rental properties
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My parents left a house (it is in our Parents Trust) equally
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My mom died in Feb. 2011 and left my sister and/or myself as
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On November 19th. 1999 my father at the age or 75 transferred
On November 19th. 1999 my father at the age or 75 transferred possession of his house to me. The property was gifted to me. He and my mother (deceased 1997) purchased the house back in 1950 for about … read more
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As a beneficiary of a trust I am to receive a piece of property
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Prior to the death of my father in Oct. 2002 our family home
Prior to the death of my father in Oct. 2002 our family home was in a trust (my father owned 50%, his 4 children 1/8 % each). After his death in Oct. 2002 the home remained in the trust with each chil… read more
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In Jan 07, I acquired securities held in the name of the Lewis
In Jan '07, I acquired securities held in the name of the Lewis Trust at several financial firms,due to the death of my mother; I was named Co-Successor Trustee (along w/ my sister) We directed these … read more
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My dad placed my name on the deed of his home when he ...
My dad placed my name on the deed of his home when he became ill. It was a gift grand deed. After he died I sold the house. Do I have to pay taxes on the 99,000?… read more
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