Discussion:Irrevocable Trust
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Revision as of 22:04, 22 August 2009
Discussion Forum Index --> Advanced Tax Questions --> Irrevocable Trust
Discussion Forum Index --> Tax Questions --> Irrevocable Trust
| 22 August 2009 | |
| 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. | |
