real estate tax basis

[dcp3]

Property receives a stepped up basis on death of the owner going through probate. Is this stepped up basis lost if the property is placed in a trust?

Thank you.
dcp3

 

[tecate]

If the trust is revocable by the decedent, no.

If the trust is irrevocable, maybe, depending on its terms.

 

[dgc46phd]

widowwed retired mother Gaynell, and single, never married, retired daughter,Dianne, only child, own residence jointly. All banking accounts, Merrill Lynch accounts, except retirement accounts, are in both names. (THERE ARE NOT ANY OTHER RELATIVES) Wills, durable power of attorney for health care and finances, living will included,are completed. Either party does not want to pay capital gains tax on property when one of the joint owner dies. Is only way to avoid this a Living Trust? If so, should the trust be titled: "The Gaynell and Dianne Cartwright Family Trust"?

 

[dgc46phd]

widowed retired mother Gaynell, and single, never married, retired daughter,Dianne, only child, own residence jointly. All banking accounts, Merrill Lynch accounts, except retirement accounts, are in both names. (THERE ARE NOT ANY OTHER RELATIVES) Wills, durable power of attorney for health care and finances, living will included,are completed. Either party does not want to pay capital gains tax on property when one of the joint owner dies. Is only way to avoid this a Living Trust? If so, should the trust be titled: "The Gaynell and Dianne Cartwright Family Trust"?

One of nthe owners is very ill. How fast can a Trust be completed?Would a "Joint Tenancy With Survivorship" work in this situation instead?

 

[lwpat]

You need to consult an elder care attorney. Trusts are not something to do on your own. Check the NAELA website for one in your area.