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Revocable living trust questions

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Triple Jim:
Harvey (Redrider90), I'm going to be looking into this soon, because of this question of paying tax on the original price or current price.  Maybe the difference is that in one case there was a will that gave the house to someone unrelated to the trust, so that person inherited that house, where in the other case, when the original trustee dies and the next one in line takes over, he didn't inherit the house, but simply now controls the trust.

bigbikerrick:

--- Quote from: Vagrant on January 23, 2015, 05:41:49 PM ---Rick, I highly recommend JoAnn Regan 623-561-2323 here in Az. Financial security group. she will come to you and she did my dads, uncles, aunts and cousins trust. they are an absolute necessity in Az. when dad passed this past spring everything went perfectly for mom and I. offices in Glendale and Sun city but we are in Green valley and she came here to set them up. Steve Nicholas

--- End quote ---

Thank you Steve ,for the contact info on Jo Ann, I thought my wife and I could re do our trust ourselves, but we may just have Jo Ann do it if its not too expensive.
Thanks again for the info , Rick.

PS, are you currently living in Green Valley? We have a retirement home in Rancho  Sahuarita.

bedevil:
I don't think the value of an inherited home is any different in a trust, or will, or in the absence of either. For tax purposes if you inherit property it's value is the value on the day you inherited it, not the value on the day it was acquired by the original purchaser. In fact, that's a "loophole" Obama proposed closing in his state of the union address. Check this link for a better explanation

http://www.nolo.com/legal-encyclopedia/if-you-inherit-home-do-you-qualify-the-home-sale-tax-exclusion.html

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