Does the new 3.8% tax on property sales that goes into effect this year replace the capital gains tax, or is it in addition to.

If the home is your primary residence (you have lived there at least two of the last five years) then you can exclude up to $250,000 in gain ($500k...

Gift deed house in NC = no fear of medicaid recapture?

This a complex area of the law, with tax and Medicaid issues to be addressed. I recommend that you consult with an elder law attorney as soon as...

My husband mother has a trust but his sister who is the executor has it fixed where he only gets a payment once a year instead

Your husband should obtain a copy of the trust and take it to a trust lawyer for review and advice.

Can repairs to home be paid from estate acct in order to get it ready to sell & divide profits between siblings?

In North Carolina the real estate belongs to the heirs as of the time of the decedent's death, unless otherwise provided in a Will. Thus, it is...

I work as an author from abroad, do I need to pay taxes in the USA?

Typically U.S. citizens living and working abroad can exclude a certain amount from their U.S. income each year, but they are still required to...

If two trustees are serving at the same time they are co-trustees and must act jointly. The only exception is if the document provides for...

What is a "basis step-up"?

Multi-member LLCs are generally taxed as partnerships. There are two types of basis for an LLC - inside basis, which refers to the basis of the...

What type of a lawyer, do I need if I want to set up trust funds for my children and I.? to set up money, I received from a

The type of lawyer who can assist you is generally referred to as an estate planning or trust and estate attorney. It's important that you choose...

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A few years ago, house was transferred into the name of our daughter as trustee of our family trust. We now want to sell.

The Trustee is the one with the authority to sell.

Can trustee be a beneficiary at the some time in an Irrevocable trust?

Yes, but it could cause adverse income, gift and estate tax consequences as well as creditor protection issues for the beneficiary/trustee unless...