Contact UsCan a house, titled in an irrevocable trusts, be sold and the proceeds be used to purchase a new house for the beneficiaries and be titled to the same irrevocable trusts? Would the distributions be taxable to the beneficiaries?
Could their irrevocable trusts pay their personal income taxes? The irrevocable trusts are for my two nieces who live together in the house titled to their trusts 50%-50%. I am the Trustee. My sister is the deceased.
I attended an IRS seminar on Trusts. The IRS speaker said no new assets may be added to an irrevocable trust. Would the new house be considered a new asset that could not be titled to their irrevocable trusts or could it be titled to their irrevocable trusts? The IRS speaker also said the irrevocable trusts could not pay their personal income taxes?
I attended an IRS seminar on Trusts. The IRS speaker said no new assets may be added to an irrevocable trust. Would the new house be considered a new asset that could not be titled to their irrevocable trusts or could it be titled to their irrevocable trusts? The IRS speaker also said the irrevocable trusts could not pay their personal income taxes?
