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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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Irrevocable Trusts

Home / Irrevocable Trusts /
2
By Harry Margolis
In Irrevocable Trusts, Probate
Posted July 5, 2023

When is It Safe to Make a Final Distribution from My Mother’s Trust?

Question: I am the trustee for my mother’s irrevocable trust. She passed in 2020. All the assets in the trust have been distributed to the four beneficiaries. The only asset remaining is a [...]

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0
By Harry Margolis
In Irrevocable Trusts, Revocable Trusts
Posted April 7, 2023

Does Trust Need to Be Moved When Settlor Moves to a New State?

Question: If a trustee creates a trust in Wisconsin, and the trust says the laws of Wisconsin will be used for its interpretation and administration, then the settlor (also the first trustee and [...]

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 What Documentation is Needed to Show HEMS Standard in Trust was Followed?
0
By Harry Margolis
In Irrevocable Trusts
Posted March 29, 2023

What Documentation is Needed to Show HEMS Standard in Trust was Followed?

Question: My husband and I both set up Spousal Lifetime Access Trusts. The trusts state that the trustee may distribute to the beneficiary as much of the income and principal as such trustee may [...]

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 Must We Pay Taxes on Capital Gain on Sale of House in Trust?
0
By Harry Margolis
In Irrevocable Trusts, Real Estate
Posted March 20, 2023

Must We Pay Taxes on Capital Gain on Sale of House in Trust?

Question: We recently sold my father’s home which was in a trust. My sister lived with my father from the 1990 until my father died in 2005, and continued to live at the property until 2022 [...]

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 When Does a Trust Become a Foreign Trust for Tax Purposes?
0
By Harry Margolis
In Irrevocable Trusts, Non-US Citizens
Posted February 14, 2023

When Does a Trust Become a Foreign Trust for Tax Purposes?

Question: At what stage is a trust is treated as a foreign trust? If the trust has a non U.S person trustee, would it be deemed to be a foreign trust. But at what stage does it become a foreign [...]

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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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 Will House in Medicaid Planning Trust Receive Step-up in Basis?
0
By Harry Margolis
In Irrevocable Trusts, Real Estate
Posted November 7, 2022

Will House in Medicaid Planning Trust Receive Step-up in Basis?

Question: My father created an irrevocable trust of which I am trustee and beneficiary. He put his residence into the trust for Medicaid planning purposes. He has since passed away. Did the [...]

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 How Should Money Flow When Selling Property in Irrevocable Trusts?
0
By Harry Margolis
In Irrevocable Trusts
Posted October 21, 2022

How Should Money Flow When Selling Property in Irrevocable Trusts?

Question: My husband and I each have an irrevocable trust. Each trust holds a 50% interest in each three properties. We are selling one income-producing property next month. Should our closing [...]

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 What are the Downsides of Dissolving Our Generation-Skipping Trust?
0
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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 What Can Trustee Do About Difficult Beneficiary?
3
By Harry Margolis
In Irrevocable Trusts
Posted September 2, 2022

What Can Trustee Do About Difficult Beneficiary?

Question: I am trustee for a 65-year-old sibling. There are two remainder beneficiaries who are my adult children. My sibling has not shown the ability to handle his finances wisely, thus my [...]

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