Does cost basis step up when assets transfer from revocable to irrevocable trust with own EIN due to Grantor incapacitation?
M.'s answer
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Answered on September 09, 2021
The cost basis may step up at the time of the Grantor's death, but not merely the grantor who I assume is the beneficiary becoming incapacitated.
My step dad's brother died , no will, no marriage, no kids
M.'s answer
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Answered on September 08, 2021
If you were adopted, then you are not a step son in the eyes of the law in NC-thus he is your legal (not biological father). If your legal...
Virginia self-proving will: is it o.k. to describe witnesses as having "subscribed, sworn and acknowledged"?
M.'s answer
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Answered on September 08, 2021
Note 64.2-453 is something that is used at a later point in time if the Notary was not present when the Original Will was signed and witnessed.
Can I add a name to a deed to stop a house from going to someone in an irrevocable trust??
M.'s answer
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Answered on September 08, 2021
If the real estate is not already titled in the name of the trust, you as the owner may leave it by will (or in some states by beneficiary...
Estate/ probate
M.'s answer
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Answered on September 07, 2021
Bridgett, I am sorry about the loss of your mother. The home will pass to the next of kin under the state laws in the state where you reside. The...
IRS EIN Online assistant for trusts?
M.'s answer
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Answered on September 07, 2021
Your are the responsible party. You are the Trustee. Dad is the Grantor. You should answer as the Trustee in the next question.
Best way to get expense reimbursement from irrev trust that feeds spec needs trust; does unified credit end when grantor dies?
M.'s answer
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Answered on September 07, 2021
If the Special Needs Trust is the Trust that benefits the GC, then expenses paid for administering that trust should bear those costs. Note the...
Can I have My Estate Attorney, have an accountability to me and my Brothers, on his handling My Parent's estate?
M.'s answer
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Answered on September 01, 2020
Based on your statements, I get the impression that he may have qualified with the court to settle your parent's estates. If this is the case, you...
Considering my Social Security retirement payments are Not considered a Pension, do I need to declare them "earnings or income?
M.'s answer
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Answered on September 01, 2020
This is actually a Uk legal question and not a USA question. This is not even a tax question-it is benefits question. I recommend that you...
How to evict my mom’s boyfriend after her death?
M.'s answer
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Answered on September 01, 2020
Sadly, this is a common problem. Yes you should see an attorney in the area where the home is located. I presume that boyfriend has no ownership...