Estate law Q which borders on taxes
I'm the grantee of an estate trust created in 2018 and selling the home. Both my parents have passed since the creation of the trust. Despite their passing, the trust is still obviously active and the sale is under contract.
My question is, once I sell this, I intend to purchase another home with the proceeds and put that new home into a trust also. Since the trust is already in effect, can that next transaction be incorporated into the existing trust and be amended to another beneficiary? Or do I need to jump through more estate lawyer fees to create ANOTHER trust for the new property for the benefit of the next generation?
Comments
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Hi Slappy1,
We appreciate you writing in with your questions, but whether or not the need to establish a new trust exists, this is outside the scope of how we assist our customers with tax preparation and filing. You may need the help of an estate tax attorney.
FreeTaxUSA is for the creation and filing of personal income tax returns and Schedule C business owners. Our software does accept the Schedule K-1 from an estate tax return, but does not create the estate tax return itself.
