Downs Law Firm, P.C.

Taxes

Trust Step-Up Basis

Completed Gifts to Grantor Trust Step-Up Basis

On March 30, 2023, the Internal Revenue Service issued Revenue Ruling 2023-2, which directly impacts a wide range of irrevocable trusts, including grantor retained annuity trusts, qualified personal residence trusts, insurance trusts and other intentionally defective ‘grantor trusts.’

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Estate Planning Lawyer

What Does an Estate Planning Lawyer Really Do?

Estate planning is a systematic process, which involves getting your personal and financial goals for the time you pass away or become mentally incapacitated. It is also known as a last will, and almost everyone does this planning for their family.

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trust beneficiary pays income taxes

Does a Trust Beneficiary Pay Income Taxes?

Beneficiaries of a trust typically pay taxes on the distributions they receive from the trust’s income rather than the trust itself paying the tax. However, such beneficiaries are not subject to taxes on distributions from the trust’s principal.

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Mom and daughter spending time together in the living room on a cloudy day

Should Mom Deed Me the House?

There are many questions that come with inheriting a piece of real estate. Do you want to live in it? Do you want to sell it? Do you have to split the property with another heir?

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