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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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Estate and Gift Taxes

Home / Estate and Gift Taxes /
 Will Massachusetts Vacation House in Trust Receive Step-Up in Basis?
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By Harry Margolis
In Estate and Gift Taxes, Real Estate
Posted April 1, 2022

Will Massachusetts Vacation House in Trust Receive Step-Up in Basis?

Question: My parent placed her Massachusetts vacation home in a revocable realty trust and included her two living adult children and herself in this trust. She apparently did this to avoid [...]

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 Should I Disband My Deceased Husband’s Marital Trust?
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By Harry Margolis
In Estate and Gift Taxes, Irrevocable Trusts
Posted March 21, 2022

Should I Disband My Deceased Husband’s Marital Trust?

Question: I’m the beneficiary of a trust left by my husband. The investments in the trust include long- and short-term losses that could offset capital gains in other investments I hold in [...]

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 Can We Merge QTIP and Credit Shelter Trust Now with the Higher Tax Exclusion?
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By Harry Margolis
In Estate and Gift Taxes, Irrevocable Trusts
Posted February 4, 2022

Can We Merge QTIP and Credit Shelter Trust Now with the Higher Tax Exclusion?

Question: Long ago, my parents created a family trust which required creating a survivor trust, credit shelter trust and QTIP trust upon the death of the first of them. One of them died. The [...]

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 What are the Tax Results when Stepmother Buys Out House in Trust?
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By Harry Margolis
In Estate and Gift Taxes, Real Estate
Posted January 19, 2022

What are the Tax Results when Stepmother Buys Out House in Trust?

Question: I am the Trustee of my father’s irrevocable living trust in Illinois. He was remarried and took my advice and set up a living trust and will, so he could pass certain assets on to [...]

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 How are Pre-2026 Taxable Gifts Grandfathered?
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By Harry Margolis
In Estate and Gift Taxes
Posted January 3, 2022

How are Pre-2026 Taxable Gifts Grandfathered?

Question: In anticipation of either the current Biden proposal or 2026 change to reduce the estate tax exemption to $6 million per spouse, do gifts made PRIOR TO THE CHANGE go against the revised [...]

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 Will Gifts to Children and Grandchildren Over $16,000 be Taxed?
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By Harry Margolis
In Estate and Gift Taxes
Posted December 17, 2021

Will Gifts to Children and Grandchildren Over $16,000 be Taxed?

Question: My wife and I are in our early 80s with two daughters and a grandson. Our estate is approximately $5.5 million. We have enough pension resources so we do not withdraw any money from [...]

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 Can I Serve as Trustee and Still Exclude Trust Assets from My Taxable Estate?
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By Harry Margolis
In Estate and Gift Taxes, Irrevocable Trusts
Posted November 1, 2021

Can I Serve as Trustee and Still Exclude Trust Assets from My Taxable Estate?

Question: I am creating irrevocable trusts for my children and grandchildren about which I have several questions: To exclude assets from my taxable estate can I be the trustee during my [...]

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 Should Pension be Included in Decedent’s Taxable Estate?
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By Harry Margolis
In Estate and Gift Taxes
Posted August 23, 2021

Should Pension be Included in Decedent’s Taxable Estate?

Question: I inherited my mom’s estate when she passed away in 2014. She worked for the state of Massachusetts (UMass) and retired with me as her beneficiary a few months before her death. [...]

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 How Does Massachusetts Track Gifts for Estate Tax Return?
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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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 How Do I Fill Out Gift Tax Return for Adjustment in Loan Interest?
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By Harry Margolis
In Estate and Gift Taxes
Posted May 23, 2021

How Do I Fill Out Gift Tax Return for Adjustment in Loan Interest?

Question: I made a family mortgage loan to my son under my revocable trust. Recently, I amended the mortgage interest rate as market rates fell. I am told that I need to file Form 709 if the [...]

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Harry Margolis book: The Baby Boomers Guide to Estate Planning

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