Alex Does revocable trust become irrevocable at death?
A revocable living trust becomes irrevocable once the sole grantor or dies or becomes mentally incapacitated.
Who was the trust that sold my mother’s house?
Joe [Personal Information Removed] Executor of my mother’s Estate and Trustee to the Trust that Sold the house. May 31, 2019 4:51 PM Our Mother died and the Irrevocable Trust sold our family home that it has owned for 14 years. Proceeds were distributed to benefactors who pays the taxes on the income?
What happens to my mother’s trust when she dies?
Assuming that your mother had a trust into which she had put the family home fourteen years ago. She died recently, therefore there is step-up in the value of the home and therefore there may be no capital gains to contend with. The distribution to the inheritors is tax free for federal purposes.
How can I transfer my mother’s house to a living trust?
Facilitating the transfer is usually just a matter of presenting the death certificate and deed to the county recorder, although some states may require that you sign an affidavit, attesting to the fact that you’re the other owner cited in the deed. If your mother created a living trust, this changes the rules.
Is it worth pursuing my step-mother’s estate?
Probably not. The cost of pursuing his step-mother’s estate and his step-sister will likely be high, and the resolution will not give him everything he is entitled to receive. Depending on the size of the estate and the portion at issue, it might be financially worth pursuing.
Joe [Personal Information Removed] Executor of my mother’s Estate and Trustee to the Trust that Sold the house. May 31, 2019 4:51 PM Our Mother died and the Irrevocable Trust sold our family home that it has owned for 14 years. Proceeds were distributed to benefactors who pays the taxes on the income?
Assuming that your mother had a trust into which she had put the family home fourteen years ago. She died recently, therefore there is step-up in the value of the home and therefore there may be no capital gains to contend with. The distribution to the inheritors is tax free for federal purposes.
Facilitating the transfer is usually just a matter of presenting the death certificate and deed to the county recorder, although some states may require that you sign an affidavit, attesting to the fact that you’re the other owner cited in the deed. If your mother created a living trust, this changes the rules.
Can a living trust be set up before a parent dies?
In any case, it is best to consult a qualified attorney to discuss options for pursuing a claim. Even if the parent does not wish to set up a living trust, being added to a deed before a parent’s death will often be sufficient to retain title to the property.