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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 /
 Can House in Credit Shelter Trust Get Step-up When Surviving Spouse Dies?
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By Harry Margolis
In Estate and Gift Taxes, Real Estate
Posted January 20, 2023

Can House in Credit Shelter Trust Get Step-up When Surviving Spouse Dies?

Question: Wife transfers her 50% interest in their house to husband’s revocable trust. Husband dies and 100% of house owned by credit trust in H’s trust of which W is beneficiary. When W dies,  [...]

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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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 Will Assets in Joint Revocable Trust Get Step-up When Surviving Spouse Dies?
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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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 How Can Husband Leave Trust for Wife, Then for Sibling?
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By Harry Margolis
In Estate and Gift Taxes, Second Marriages
Posted November 18, 2022

How Can Husband Leave Trust for Wife, Then for Sibling?

Question: How can someone, with a house, a rental house and investments altogether worth $4 million, plan for both a stepped-up in basis and the full federal estate tax exemption without allowing [...]

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 May Unredeemed Savings Bonds Be Transferred to Heirs of Estate?
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By Harry Margolis
In Estate and Gift Taxes, Probate
Posted October 24, 2022

May Unredeemed Savings Bonds Be Transferred to Heirs of Estate?

Question: A decedent has savings bonds unredeemed (final maturity 2030) that have just the decedent’s name only on the bond with no named beneficiary. The total redemption value of the [...]

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 What are the Downsides of Dissolving Our Generation-Skipping Trust?
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By Harry Margolis
In Estate and Gift Taxes, Irrevocable Trusts
Posted October 7, 2022

What are the Downsides of Dissolving Our Generation-Skipping Trust?

Question: The beneficiaries want our trustee to petition the probate court to dissolve an irrevocable trust in Texas because we believe it has served it purpose. The trustee would agree. I read [...]

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 Can Surviving Spouse Use Gift Exclusion of Deceased Spouse?
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By Harry Margolis
In Estate and Gift Taxes
Posted September 16, 2022

Can Surviving Spouse Use Gift Exclusion of Deceased Spouse?

Question: I have bought your book “Get Your Ducks in a Row” and have enjoyed the reading. My question: in the year of passing can a decedent and their spouse gift up to the annual exclusion limit [...]

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 What are the Taxes if I Leave a Bequest to Family in Israel?
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By Harry Margolis
In Estate and Gift Taxes, Non-US Citizens
Posted September 9, 2022

What are the Taxes if I Leave a Bequest to Family in Israel?

Question: I want to bequest some funds to my family members in Israel after my death. I live in California. Will there be taxes to pay from my estate if I leave money to a foreigner living in [...]

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 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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Harry Margolis book: The Baby Boomers Guide to Estate Planning

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