Dear Len & Rosie,
My mother has a trust and owns her house within the trust. She rents it out. My brother and I want to hang on to the house after our mother dies and we want to continue to rent it, but we want to avoid the step up basis in property taxes. How can we do this?
Amy
Dear Len & Rosie,
I have a single brother who recently died. I and my two sisters are the heirs. One of my sisters is disabled and is on government programs including SSI and Medi-Cal. Her share of the inheritance will be $12,000, and I understand that this would knock her off of her benefits. A special needs trust was suggested, but two lawyers have already told us that it's not worth doing one for this small an inheritance. I have been told that some of the money can be spent on my sister's funeral arrangements, but that won't take much. Is there anything we can do?
Ellen