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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: "nominee realty trust"
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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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 What Do We Do If Schedule of Beneficiaries for Realty Trust is Missing?
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By Harry Margolis
In Real Estate
Posted October 14, 2022

What Do We Do If Schedule of Beneficiaries for Realty Trust is Missing?

Question: The schedule of beneficiaries on our nominee realty trust is missing. I am the trustee and want to sell property. Proceeds are directed to go to a church. I can’t seem to get a straight [...]

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 Does Trustee of Nominee Realty Trust Need Beneficiary’s Approval to Sell Real Estate?
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By Harry Margolis
In Real Estate, Revocable Trusts
Posted July 26, 2021

Does Trustee of Nominee Realty Trust Need Beneficiary’s Approval to Sell Real Estate?

Question: I am the trustee for a nominee trust that holds a family home and trustee for a family trust which is listed on the schedule of beneficiaries of the nominee trust. Do I need the [...]

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1
By Harry Margolis
In Real Estate, Revocable Trusts
Posted June 15, 2021

Does Nominee Realty Trust Pass Through Probate?

Question: Do nominee realty trusts have to go through probate? Response: Theoretically, yes, but in practice, no. To understand this distinction, we’ll have to start with an explanation of [...]

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 What are the Tax Consequences of Selling Interest in Vacation House to Sister?
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By Harry Margolis
In Real Estate
Posted June 27, 2020

What are the Tax Consequences of Selling Interest in Vacation House to Sister?

Question: I am a beneficiary in a nominee trust of a house and have a question about capital gains taxes. My parents bought the house in 1970, and set the trust up in 1990 for my 3 siblings and [...]

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 How is Income of a Nominee Realty Trust Reported in Massachusetts?
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By Harry Margolis
In Real Estate, Revocable Trusts
Posted May 21, 2020

How is Income of a Nominee Realty Trust Reported in Massachusetts?

Question: Which Massachusetts tax form do I file for a nominee real estate trust? The only income is interest earned of $1,600 from the proceeds sitting in a bank account until they were [...]

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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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 How Can My Wife and I Protect Home in Realty Trust for Our Children?
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By Harry Margolis
In Asset Protection, Long-Term Care Planning, Revocable Trusts
Posted January 5, 2018

How Can My Wife and I Protect Home in Realty Trust for Our Children?

Question: My house is in a Realty Trust, set up by myself and my wife. How can I be sure that my children will always have access to this house? Response: Realty trusts are a method of owning [...]

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