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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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Revocable Trusts

Home / Estate and Gift Taxes /
 Should QTIP Trust have Independent Trustee?
0
By Harry Margolis
In Estate and Gift Taxes, Revocable Trusts
Posted March 24, 2023

Should QTIP Trust have Independent Trustee?

Question: If we have QTIP trusts in our joint revocable trust to protect a surviving spouse from a second marriage gold digger or second marriage divorce, can the surviving spouse serve as the [...]

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 How Do I Move Trust Funds to a New Bank?
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By Harry Margolis
In Revocable Trusts
Posted March 13, 2023

How Do I Move Trust Funds to a New Bank?

Question: We have a living trust in a bank which has a very small interest rate. Can we transfer this account to a high interest account at another bank. How do we do this? Response: Yes. You [...]

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 What is the Process for Closing Out a Revocable Trust Upon Grantor’s Death?
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By Harry Margolis
In Revocable Trusts
Posted February 13, 2023

What is the Process for Closing Out a Revocable Trust Upon Grantor’s Death?

Question: What is the process (“best”, if more than one) for accounting for and dissolving a revocable living trust upon death of the surviving parent (as the primary trustee). The [...]

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 What Complications are There If I Leave My Trust to Non-U.S. Beneficiaries?
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By Harry Margolis
In Non-US Citizens, Revocable Trusts
Posted February 4, 2023

What Complications are There If I Leave My Trust to Non-U.S. Beneficiaries?

Question: I am US citizen living in Illinois. I have a revocable living trust, the beneficiaries of which are my two nieces who are non-US citizens from Argentina. The assets that will be going [...]

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 What Happens to Our House that We Cohabit with Our In-Laws When We Sell It?
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By Harry Margolis
In Non-Traditional Families, Real Estate, Revocable Trusts
Posted January 27, 2023

What Happens to Our House that We Cohabit with Our In-Laws When We Sell It?

Question: We share a house with our daughter and son-in-law. They pay on the mortgage but the mortgage is in our name as we had better credit. In addition, the title to the house is in our [...]

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0
By Harry Margolis
In Real Estate, Revocable Trusts
Posted December 29, 2022

How Should Nominee Realty Trust be Changed when One Property is Deeded Out?

Question: About 15 years ago, my Dad, my brother and I quitclaimed our share of four properties into a nominee trust in Massachusetts. My sister didn’t put her share into the trust. The four [...]

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 Should We Liquidate or Distribute Trust Investments after Grantor’s Death?
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By Harry Margolis
In Probate, Revocable Trusts
Posted December 19, 2022

Should We Liquidate or Distribute Trust Investments after Grantor’s Death?

Question: I am the trustee for mother’s revocable trust containing close to $500,000 in mutual funds, cash and some stocks. There are six equal beneficiaries. Should we liquidate the funds and [...]

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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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 Should Revocable Trust be Renamed “Irrevocable” When Grantor Dies?
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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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 How Often Should I Review My Estate Plan?
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By Harry Margolis
In Revocable Trusts, Wills
Posted November 14, 2022

How Often Should I Review My Estate Plan?

Question: How often should I review my estate plan? Response: It depends how old you are. Most people don’t do any estate planning until they have children. That’s when they begin to [...]

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