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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: "December, 2022"
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0
By Harry Margolis
In Real Estate, Revocable Trusts
Posted December 29, 2022

How Should Nominee Realty Trust be Changed when One Property is Deeded Out?

Question: About 15 years ago, my Dad, my brother and I quitclaimed our share of four properties into a nominee trust in Massachusetts. My sister didn’t put her share into the trust. The four [...]

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0
By Harry Margolis
In Estate and Gift Taxes
Posted December 26, 2022

Must Taxable Gift to Daughter be Reported as a Direct Skip?

Question: I’m going to make a gift to my daughter (over the current Federal annual gift tax exclusion amount). Is this considered a direct gift or a direct skip when I report the gift on my [...]

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 How Should We Structure Home Ownership When We Move In with My Mother?
3
By Harry Margolis
In Long-Term Care Planning
Posted December 23, 2022

How Should We Structure Home Ownership When We Move In with My Mother?

Question: My mother has recently inherited a house in California from her mother, along with a small IRA. She has offered to let us live in the house, with the intention of building an in-law [...]

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 Should We Liquidate or Distribute Trust Investments after Grantor’s Death?
4
By Harry Margolis
In Probate, Revocable Trusts
Posted December 19, 2022

Should We Liquidate or Distribute Trust Investments after Grantor’s Death?

Question: I am the trustee for mother’s revocable trust containing close to $500,000 in mutual funds, cash and some stocks. There are six equal beneficiaries. Should we liquidate the funds and [...]

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 Can I Rent Out a Room in My Home to My Mother as a Section 8 Tenant?
0
By Harry Margolis
In Real Estate
Posted December 16, 2022

Can I Rent Out a Room in My Home to My Mother as a Section 8 Tenant?

Question: My mom lives in an apartment in Escondido, California. She has been on HUD for many years. She is 89 and I want her to move in with me so I can take care of her. I would have to evict a [...]

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 Will Assets in Joint Revocable Trust Get Step-up When Surviving Spouse Dies?
0
By Harry Margolis
In Estate and Gift Taxes, Revocable Trusts
Posted December 12, 2022

Will Assets in Joint Revocable Trust Get Step-up When Surviving Spouse Dies?

Question: Our assets are in a revocable living trust. These assets include stock mutual funds, among other assets. When the last of us dies, is there a step-up in cost basis to that date of death [...]

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 Should Revocable Trust be Renamed “Irrevocable” When Grantor Dies?
0
By Harry Margolis
In Irrevocable Trusts, Revocable Trusts
Posted December 9, 2022

Should Revocable Trust be Renamed “Irrevocable” When Grantor Dies?

Question: My mom passed away. I’m the trustee of her revocable trust. Should the legal name of the trust and its investment accounts now be “revocable” or [...]

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 Who is Responsible for Maintaining Bank Records of Decedent?
0
By Harry Margolis
In Probate
Posted December 5, 2022

Who is Responsible for Maintaining Bank Records of Decedent?

Question: Who is responsible for keeping the bank records of the deceased, the executrix or professional fiduciary? Response: The executrix (also known as the “personal [...]

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 What is an “Estate Plan?”
0
By Harry Margolis
In Wills
Posted December 2, 2022

What is an “Estate Plan?”

Question: What is an “estate plan?” Response: Estate planning lawyers use a lot of words that may be confusing to nonlawyers — will, trust, durable power of attorney, health [...]

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Categories
  • Asset Protection (34)
  • Charitable Giving (10)
  • Durable Powers of Attorney (43)
  • Estate and Gift Taxes (55)
  • Guardianship and Conservatorship (5)
  • Health Care Directives (13)
  • Irrevocable Trusts (49)
  • Long-Term Care Planning (170)
  • Non-Traditional Families (16)
  • Non-US Citizens (23)
  • Pets (3)
  • Practical Matters (15)
  • Probate (37)
  • Property in Other Countries (4)
  • Real Estate (66)
  • Retirement Plans (19)
  • Revocable Trusts (98)
  • Second Marriages (11)
  • Social Security (18)
  • Special Needs Planning (69)
  • Trustee (52)
  • Vacation Homes (3)
  • Wills (50)
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