Legal Question in Wills and Trusts in Florida

Trust Fund

I have a very old Trust that now contains only my Schwab stock account. The daughter that is the benificiary of the Trust Is selling a rental condo and will be hit with a large capital gains tax. Can I now, before my death, transfer the Trust to her? It has huge capitsl gains losses she could use against her condo gain. Also, has enough loss it would never give her any taxable liability in the future. She could continue to send me a monthly check from the trust to keep me afloat until my death.


Asked on 2/06/09, 10:45 am

1 Answer from Attorneys
Frank J. Pyle Probate Attorney Throughout Florida

Re: Trust Fund

You (she) really ought to talk to a CPA about this, but it doesn't sound like what you propose will work. It might work if you did the reverse - transfer the rental to you, have you sell it, and write off the Trust asset losses against the rental capital gain. Then you could gift her the balance. Don't do anything before checking with a knowledgeable accountant.

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Answered on 2/06/09, 12:58 pm


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