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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 / Estate and Gift Taxes /
 Will Property in Irrevocable Trust be Subject to Estate Taxes When the Grantor Dies?
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By Harry Margolis
In Estate and Gift Taxes, Irrevocable Trusts
Posted January 24, 2021

Will Property in Irrevocable Trust be Subject to Estate Taxes When the Grantor Dies?

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 [...]

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 Will Property in an Irrevocable Trust with a Power of Appointment Receive a Step-Up in Basis?
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By Harry Margolis
In Irrevocable Trusts, Real Estate
Posted December 7, 2020

Will Property in an Irrevocable Trust with a Power of Appointment Receive a Step-Up in Basis?

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 [...]

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 Can Irrevocable Trust Borrow Money on Real Estate?
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By Harry Margolis
In Irrevocable Trusts, Real Estate
Posted November 9, 2020

Can Irrevocable Trust Borrow Money on Real Estate?

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 [...]

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 Does the Dissolution of a Small Irrevocable Trust Cause Any Taxes?
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By Harry Margolis
In Irrevocable Trusts, Trustee
Posted October 26, 2020

Does the Dissolution of a Small Irrevocable Trust Cause Any Taxes?

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? [...]

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 Should I Transfer My Mother’s Home to a Revocable or Irrevocable Trust?
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By Harry Margolis
In Irrevocable Trusts, Long-Term Care Planning, Real Estate, Revocable Trusts
Posted October 20, 2020

Should I Transfer My Mother’s Home to a Revocable or Irrevocable Trust?

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 [...]

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 Must an Irrevocable Trust with No Income File Tax Returns?
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By Harry Margolis
In Irrevocable Trusts, Real Estate
Posted October 4, 2020

Must an Irrevocable Trust with No Income File Tax Returns?

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 [...]

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 Can the Grantor Get a Mortgage on House in an Irrevocable Trust?
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By Harry Margolis
In Irrevocable Trusts, Long-Term Care Planning, Real Estate
Posted September 25, 2020

Can the Grantor Get a Mortgage on House in an Irrevocable Trust?

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 [...]

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