Question: How is different income taxed in non-grantor trusts? For example, are capital gains taxed as income or at capital gains rates? Interest? Dividends? What is taxed and then considered [...]

Question: I am the sole successor trustee and sole beneficiary of my mother’s Massachusetts grantor trust. She passed away in 2022. Her domicile was Massachusetts. My domicile is Rhode [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]