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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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 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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Categories
  • Asset Protection (34)
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  • Durable Powers of Attorney (41)
  • Estate and Gift Taxes (47)
  • Guardianship and Conservatorship (3)
  • Health Care Directives (12)
  • Irrevocable Trusts (39)
  • Long-Term Care Planning (151)
  • Non-Traditional Families (14)
  • Non-US Citizens (19)
  • Pets (3)
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  • Probate (26)
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  • Real Estate (50)
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  • Revocable Trusts (92)
  • Second Marriages (10)
  • Social Security (17)
  • Special Needs Planning (63)
  • Trustee (51)
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  • Wills (42)
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