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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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Tag Archives for: "irrevocable grantor trust"
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 What are the Capital Gains Consequences if I Put My House in an Irrevocable Trust?
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By Harry Margolis
In Irrevocable Trusts, Long-Term Care Planning
Posted November 14, 2023

What are the Capital Gains Consequences if I Put My House in an Irrevocable Trust?

Question: I live in Illinois and am 66 years old and a widow. Many years ago, an estate planning lawyer recommended I put my home in an irrevocable trust (with my daughter as the trustee) in [...]

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 What is the Best Tax Plan for Legacy Trust for Family?
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By Harry Margolis
In Irrevocable Trusts
Posted March 11, 2022

What is the Best Tax Plan for Legacy Trust for Family?

Question: We already have an estate plan set up with a revocable trust. Roughly 50% of our liquid assets are in regular and Roth IRAs; we have been moving some funds from our regular to Roth IRAs [...]

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 Must Irrevocable Grantor Trust File Tax Return for House Sale?
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By Harry Margolis
In Irrevocable Trusts
Posted February 18, 2022

Must Irrevocable Grantor Trust File Tax Return for House Sale?

Question: I sold my house in December 2020. It was the only thing in my irrevocable grantor trust. Do I have to file a 1041 for 2020? Response: Technically, yes. Practically, perhaps not. Either [...]

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 Will There Be Taxes Upon Liquidation of Irrevocable Trust After Grantor’s Death?
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By Harry Margolis
In Irrevocable Trusts
Posted July 4, 2021

Will There Be Taxes Upon Liquidation of Irrevocable Trust After Grantor’s Death?

Question: My father-in-law set up an irrevocable trust which contains about $250,000 held in a non-IRA investment account. When he died in 2020, the funds were transferred to a bank account [...]

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 Will House in Irrevocable Grantor Trust Receive Step-up in Basis?
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By Harry Margolis
In Irrevocable Trusts, Real Estate
Posted March 18, 2021

Will House in Irrevocable Grantor Trust Receive Step-up in Basis?

Question: We have a grantor irrevocable trust from our mother. Her house is for sale and we’re not sure if a step-up in basis is an option or do we carry forward her basis if we do a 1031 [...]

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