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Thanks Zddoodah!
I will make sure the POA is Durable POA and will expressly provide for an agent to create, modify, or revoke a trust.
My mom is NOT dying but I don't know when or how soon it will happen. I just need to make sure the POA will make sure the Home is received and transferred...
Hi,
One of my co-worker mentions about the "Power of Attorney" which my Mom can create and appoint my Sister as the Agent.
Now I have a few questions:
1. Can the Agent (my Sister) later create a Living Trust that My Mom is the owner?
2. Before My mom die (a few months), I will gift My Mom...
Assuming I will skip the transfer to my mom name first. The reason is at that time my mom might not be competent ( or have the capacity) to transfer the house to the Trust herself
Per your question:
“Second, why on Earth would you create a trust with a 90 year old as the trustee? “
Now I wonder should my mom let my oldest sister be the Trustee of my Mom’s Living Trust? She have been taking care of my mom on banking and stuff.
So in the near future I will transfer my...
Hi Zddoodah,
Per your previous question:
That doesn't really answer any of the questions I asked.
I just found out that a Trust does NOT exist if the Settlor (my mom) does NOT currently own the ASSET (the house) and I'm afraid that if I help her to create the Trust now and later...
I found this on the web: so as long as I will not receive the asset back from my mom after she passes( she is the donee and I am the donor) then the asset will receive a step up
“ IRC Section 1014(e) prohibits a step up in basis in regards to appreciated property that was acquired by the...
I know I will use the proceeds to pay tax but if I'm trying to take advantage of the Upstream Gifting to avoid paying all of the tax.
My main question is if I do a grant deed that transfers the house to my mom's trust, will the house get step-up in basis after she passes.
I can just gift to her...
Sorry I did replied in the thread and here they are:
Why is "her house" titled in your name? When did you become owner of "her house"?
A: I bought it originally in my name.
But why would you want her to have the sort of low-quality nursing home care that Medicare/Medicaid covers?
A: This is...
A: If my mom owns the house less than one year before she dies, the IRS might not allow the property to get step-up of the basis. This is what I'm afraid of.
Thanks for your information. I gift the house to my mom but she will pass it to my Siblings only. I will not get anything back. That's why I think it is okay but I'm not sure.
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