Question: We have a grantor irrevocable trust from our mother. Her house is for sale and we’re not sure if a step-up in basis is an option or do we carry forward her basis if we do a 1031 [...]

Question: We are thinking of putting my dad’s home in a trust! He has a 15-year mortgage and we have been told if we do this then all the property tax and insurance will be based on my age [...]

Question: Are assets in irrevocable trusts subject to the estate tax? (That’s “e” state not state tax). If so, does that mean both the grantor of the trust and the trust itself [...]

Question: If my mother transfers real estate into 3 separate nominee trusts and her Irrevocable Trust is the 100% beneficiary of each, does the transfer result in a capital gains tax and a [...]

Question: Can I borrow money on our house if it is in an irrevocable trust? Response: Probably not. The trust itself may or may not permit you to borrow, but no bank will loan money or take a [...]

Question: I am trustee of an irrevocable trust holding $25,000. I now want to cash out the trust — half to my brother, the other half to me. What kind of tax do I have to pay in New York? [...]

Question: I would like to set up a trust in my mothers name. I am her POA and health advocate. Mom was able to get Medicaid this past May and my promise was to keep her in her home and avoid a [...]

Question: If someone only places their house worth only $250,000 in an Irrevocable Trust, do they have to pay yearly income tax on it, when they are not renting it out and they are not getting [...]

Question: Can you get a mortgage if you are the grantor of a home in an irrevocable trust and your trustee approves of it? Response: Not a traditional mortgage. While the trust probably would [...]