What are the Tax Consequences of Dissolving a Revocable Trust?
Question: We have a revocable trust that we would like to revoke and move the funds to TOD accounts and a TOD deed. We are doing this because the kids aren’t minors anymore and we [...]
What are the Tax Implications of Owning Property in a Nominee Realty Trust?
Question: I just had three nominee trusts set up to hold rental properties. Not all major banks in Massachusetts provide realty trust bank accounts. So can I continue to use my own personal bank [...]
Can a Trustee be Paid as a Gift and Not Incur Income Taxes?
Question: My wife’s sister is trustee of their deceased dad’s estate which totals about $700,000. There are four equal sibling beneficiaries, including the trustee. The trustee is [...]
Solution for Siblings Who Co-Own Real Estate Where One Wants to Live
Question: I inherited a home with my sister which has a value of about $540,000 and no mortgage. She wants to live in the house. What would be the normal agreement of who pays what bills? Is [...]
