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Author Archives: John
No Step-Up for Property in Irrevocable Grantor Trust
In PLR 200937028, the IRS concluded that property held in an irrevocable grantor trust that was not included in the grantor’s estate at death does not receive a step-up in basis. Most individuals who own property in their own name at death receive a step-up in the tax basis of that property. For example, if… Continue Reading
Online Accounts: Don’t Leave Your Family in the Dark
An increasingly important aspect of a person’s financial life is that many people now receive and pay bills through online accounts and/or through email. Similarly, bank, brokerage and retirement accounts may also be maintained and accesses electronically. A bill may come via email and if an executor or attorney-in-fact does not know the person’s password… Continue Reading
Cinderella Should Have Been a Trust Beneficiary
Awhile back I was watching Cinderella with my three year old and thought – Wow, if only she was a trust beneficiary she wouldn’t be locked in the tower slaving for her step-sisters. For those who don’t recall, the setup for the story is that Cinderella’s mother passed away; then her father remarried the evil… Continue Reading
Happy New Year!
We look forward to helping you protect your assets in a prosperous 2014.