Annual Gifts: $14,000 each to as many people as you’d like
Dear Liza: If my mom gifts $14,000 to me and my 5 children and does this by writing each individual separate checks for $14,000 which are then deposited in each separate child’s account, will it also...
View ArticleWhat Kind of Tax ID Do I Need for a Trust?
Dear Liza: My parents both have recently passed away. They had a revocable trust. What type if tax ID do I need? I created one for the “Estate” type, but should I have made it for the “Trust” type? I...
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Can I Put My House Into a Living Trust if There’s a Mortgage?
Dear Liza: Can real estate that still has a mortgage on it be placed in a trust? Yes, you can place real property with a mortgage into a revocable living trust. That is, in fact, quite common. Most...
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Do I Need a Tax Identification Number for a Trust After My Mom’s Death?
Dear Liza: I’m an executor of a trust and was added as co-trustee on the trust while my mom was alive. She is now at peace with dad. Can I now just distribute the funds per the trust without changing...
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My Aunt Left Me a House, is Probate Required?
Dear Liza: My relative passed away and I am the only surviving close relative. She left a will that listed me as the beneficiary of her real property. Her only assets were a small house tax value,...
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Why Does Met Life Need to Transfer an Annuity to the Estate?
Dear Liza: My father recently died. My dad had a trust set up naming me as the trustee and my brother, sister, and I are to split my dad’s assets evenly. I have set up a trust account at his bank (B...
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We refinanced. Did our house get taken out of the trust?
Dear Liza: We are a married couple in our 40s with 2 kids with a living trust. Our primary residence is a part of the trust. We refinanced our primary residence a couple of months ago. We are not sure...
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Reducing Capital Gains: Step-up in Basis, The Basics
Dear Liza: My parents a house in 1995. They put the house in a trust in 1998 with me and my 2 brothers as beneficiaries. My dad passed away in 2007 and my mom in 2015. The house is now for sale . I’m...
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Who Gets the Life Insurance and How?
Dear Liza: My mother passed away recently and had everything, including her checking, savings, etc., in a living trust. But one of her other insurance policies had my deceased father listed as...
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Taxes and Beneficiaries: Estate, Income and Capital Gains
Dear Liza: My aunt died recently, leaving her estate to me and my four siblings, in equal shares. She owned stocks and bonds, and some farmland in Iowa. Will I have to pay taxes on my share of the...
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