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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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Archives

Tag Archives for: "capital gain"
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 Must We Pay Taxes on Capital Gain on Sale of House in Trust?
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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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 How Much of Stock In Estate Should Be Sold to Pay Taxes and Bequests?
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By Harry Margolis
In Probate
Posted January 6, 2023

How Much of Stock In Estate Should Be Sold to Pay Taxes and Bequests?

Question: I am the executor of an estate where I would like to liquidate some common stock in order to pay the New Jersey inheritance tax and distribute some cash legacies as specified in the [...]

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 Should Executor Sell Stock in Estate and Distribute Proceeds?
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By Harry Margolis
In Probate
Posted September 27, 2022

Should Executor Sell Stock in Estate and Distribute Proceeds?

Question: I’m the executor for my father’s trust and he passed away July 3 of this year. One of the things he has in his portfolio is some Allspring Global stock, and I’m wondering if I should [...]

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 What Happens to Tax Basis of Life Estate Upon Owner’s Death?
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By Harry Margolis
In Real Estate
Posted August 29, 2022

What Happens to Tax Basis of Life Estate Upon Owner’s Death?

Question: I just want to confirm my understanding: I had a life estate on my mother’s home (in Alabama) since she purchased the property in 2017. She has now passed, and the value of the [...]

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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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 What are the Tax Consequences if I Transfer Real Estate into Trust?
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By Harry Margolis
In Real Estate, Revocable Trusts
Posted December 20, 2019

What are the Tax Consequences if I Transfer Real Estate into Trust?

Question: If I transfer real estate into a regular trust, does it constitute a sale and result in capital gain tax and property basis step-up? What if I transfer it to a nominee trust? Response: [...]

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 When to Transfer Mother-in-Law’s House When Applying for Medicaid
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By Harry Margolis
In Long-Term Care Planning
Posted November 8, 2019

When to Transfer Mother-in-Law’s House When Applying for Medicaid

Question: My wife has been living in her mother’s home for the past 4 years as her mother’s caregiver to enable her to live at home rather than at a nursing facility. She has all the [...]

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 How Does the Sale of Property Owned by a Nominee Realty Trust Work?
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By Harry Margolis
In Revocable Trusts, Vacation Homes
Posted June 29, 2018

How Does the Sale of Property Owned by a Nominee Realty Trust Work?

Question: Can you advise on how to dissolve a realty trust upon sale of the only realty property in the trust? My sister and I would like to have the buyer of the property issue checks to both of [...]

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 What Happens to Capital Gain when Joint Owner of Life Estate Dies?
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By Harry Margolis
In Real Estate
Posted January 19, 2018

What Happens to Capital Gain when Joint Owner of Life Estate Dies?

Question: Both of my parents had a life estate, deeded as tenants in common to my brother and myself as remaindermen. Our father passed in 2006 when home was assessed at $100,000. The life estate [...]

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