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Discussion Forum Index --> Advanced Tax Questions --> Irrevocable Trust
Discussion Forum Index --> Tax Questions --> Irrevocable Trust
Jokadah (talk|edits) said:
| 22 August 2009
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| My Uncle placed his residence in an Irrevocable Trust in 2008 as he had to move into an assisted living facility. The residence has been a rental since that time. In 2008 a 1041 was filed. Sadly, he passed away in June, 2009. According to the Trust the property has to be sold within two years of his passing, my three cousins are the beneficiaries. Since the housing market is still in a slump they would like to keep it as a rental and not sell the home. Anyone know if they have to sell the home? (I'm thinking they have to as that's what the Trust states) I do not do that many trust returns so this is not my field of expertise. Any advise or assistance would be greatly appreciated.
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Riley2 (talk|edits) said:
| 23 August 2009
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| This is not really a tax issue at all. Suggest talking to an estate planning attorney.
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NMexEA (talk|edits) said:
| 23 August 2009
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| Yes, consult an estate planning attorney. But if the three cousins are all of age and there are no trust creditors, there shouldn't be a problem.
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Jokadah (talk|edits) said:
| 24 August 2009
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| Thank you I will advise them to contact an estate planning attorney
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Dennis (talk|edits) said:
| 25 August 2009
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| Foo. Beneficiaries buy house from trust. Do whatever they want with it.
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JR1 (talk|edits) said:
| August 25, 2009
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| LOL! Have missed you Dennis! But no whistle?
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Kevinh5 (talk|edits) said:
| 25 August 2009
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| maybe he was eating crackers and the whistle sound came out instead as 'Foo'
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Dennis (talk|edits) said:
| 25 August 2009
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| Silly question, doesn't deserve the emphasis...♫
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