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Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself.
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Archives

Monthly Archive for: "July, 2021"
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 Why Would You Want a Revocable Trust for a Smaller Estate?
0
By Harry Margolis
In Revocable Trusts
Posted July 27, 2021

Why Would You Want a Revocable Trust for a Smaller Estate?

Question: What is the advantage of a trust over a will if your estate is under $5 million? Response: There are several advantages to using a trust no matter the size of your estate. Here are a [...]

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 How Does Massachusetts Track Gifts for Estate Tax Return?
0
By Harry Margolis
In Estate and Gift Taxes
Posted July 26, 2021

How Does Massachusetts Track Gifts for Estate Tax Return?

Question: As a practical matter, how would Massachusetts determine the amount of taxable gifts for estate tax purposes since gifts in small but taxable amounts could have been given over the [...]

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 Does Trustee of Nominee Realty Trust Need Beneficiary’s Approval to Sell Real Estate?
0
By Harry Margolis
In Real Estate, Revocable Trusts
Posted July 26, 2021

Does Trustee of Nominee Realty Trust Need Beneficiary’s Approval to Sell Real Estate?

Question: I am the trustee for a nominee trust that holds a family home and trustee for a family trust which is listed on the schedule of beneficiaries of the nominee trust. Do I need the [...]

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 Can I Make a Taxable Gift to an ILIT?
2
By Harry Margolis
In Irrevocable Trusts
Posted July 24, 2021

Can I Make a Taxable Gift to an ILIT?

Question: I set up ILIT 20 years ago and added cash and sent the required Crummey letters each year. I’m now thinking of making a large gift to the trust and filing a gift tax return [...]

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 Can Trust Restricted by HEMS Standard be Changed?
0
By Harry Margolis
In Irrevocable Trusts
Posted July 14, 2021

Can Trust Restricted by HEMS Standard be Changed?

Question: My sisters and I would liked to sell part of a piece of land worth $15 million or more held in trust. We learned we couldn’t get the money out of the trust thru distributions so we are [...]

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 Can a Trust Hold Funds in a Low-Cost Investment Account in Order to Reduce Costs?
0
By Harry Margolis
In Trustee
Posted July 13, 2021

Can a Trust Hold Funds in a Low-Cost Investment Account in Order to Reduce Costs?

Question: My siblings have an irrevocable trust with a few million dollars in stock assets. Is there a place to avoid the fee of parking the assets outside of a trust manager? We don’t want [...]

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 Will There Be Taxes Upon Liquidation of Irrevocable Trust After Grantor’s Death?
0
By Harry Margolis
In Irrevocable Trusts
Posted July 4, 2021

Will There Be Taxes Upon Liquidation of Irrevocable Trust After Grantor’s Death?

Question: My father-in-law set up an irrevocable trust which contains about $250,000 held in a non-IRA investment account. When he died in 2020, the funds were transferred to a bank account [...]

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Categories
  • Asset Protection (34)
  • Charitable Giving (10)
  • Durable Powers of Attorney (44)
  • Estate and Gift Taxes (56)
  • Guardianship and Conservatorship (5)
  • Health Care Directives (13)
  • Irrevocable Trusts (51)
  • Long-Term Care Planning (173)
  • Non-Traditional Families (16)
  • Non-US Citizens (27)
  • Pets (4)
  • Practical Matters (15)
  • Probate (38)
  • Property in Other Countries (5)
  • Real Estate (69)
  • Retirement Plans (19)
  • Revocable Trusts (102)
  • Second Marriages (11)
  • Social Security (18)
  • Special Needs Planning (69)
  • Trustee (52)
  • Vacation Homes (3)
  • Wills (50)
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