Cost basis on house on father's death four years ago was $326,000. Sold on 5/8 for $115,000. Do we pay taxes on that?

In general the advice given by my colleagues about the tax treatment of the sale of house is correct. However, it can depend on the state in which...

Would I have to pay estate taxes on what my wife leaves behind?

If you do not need the funds in the 401(k) right away and your are under age 70.5, you can rollover the 401(k) to an IRA in your name and designate...

Gifts to children d

Using a holographic will (or any will) to transfer the furniture at your death does not avoid probate. If the furniture is worth more than $20,000...

We are legally separated in NYS 1992. Both live NC now can claim Condo I purchased when I die. Will leave it to my family

A living trust would not help as the North Carolina Elective Share laws allow a surviving spouse to make a claim against assets in a revocable...

Does the trustee of a revocable trust have to file the trust with the courts when someone dies?

I don't have enough information to be able to fully answer your question, but generally the administration of trusts do not require court filings. ...

Trust income

If the trust is not a grantor trust then IRS Form 1041 must be used to report the income, expenses and any distributions. North Carolina also...

I need leagal advice

You state that you are administrator of your father's estate, but your question is about removal of a trustee, which is a different legal role. If...

Why will my bank not let me close the CD account that is part of an Irrevocable Trust, of which I'm the trustee?

It's possible that the account was not properly titled in the name of the trust or given a separate trust EIN. As Mr. Fromm stated, you may need...

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My taxes were filed with wrong deductions. What do I do?

If you fail to amend a return when you know it contains a mistake you may have to pay penalties if the return is audited. I recommend that you...

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I am 94 and in a NC nursing home on medicaid. my income is $30 per month. have home with no money to keep it up. Help

No, putting the home in a trust would be considered a transfer and would disqualify you from Medicaid. If you have children and are willing to...