Discussion:Irrevocable Trust

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Revision as of 03:04, 23 August 2009
NMexEA (Talk | contribs)
(Yes, consult an)
← Previous diff		 Revision as of 19:11, 24 August 2009
Jokadah (Talk | contribs)
(Thank you I will)
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{{ForumReplyPost|UserID=NMexEA|Date=23 August 2009|Text=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.}} {{ForumReplyPost|UserID=NMexEA|Date=23 August 2009|Text=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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 +{{ForumReplyPost|UserID=Jokadah|Date=24 August 2009|Text=Thank you I will advise them to contact an estate planning attorney}}

Revision as of 19:11, 24 August 2009

Discussion Forum Index --> Advanced Tax Questions --> Irrevocable Trust
Discussion Forum Index --> Tax Questions --> Irrevocable Trust

Jokadah (talk|edits) said:

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.

Riley2 (talk|edits) said:

23 August 2009
This is not really a tax issue at all. Suggest talking to an estate planning attorney.

NMexEA (talk|edits) said:

23 August 2009
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.

Jokadah (talk|edits) said:

24 August 2009
Thank you I will advise them to contact an estate planning attorney
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