Legal Question in Wills and Trusts in Illinois

House in trust

Our Father put his house in a trust. He died 1 1/2 years ago. The house goes to me and my sister. My sister moved in. How long can the house stay in the trust? How do we take it out of the trust? If she pays me half the house value will I owe tax? What is the best way fro her to pay me? All at once or $10, 000 a year (as you can gift a relitive that amout as a gift tax free)? Thank you.


Asked on 5/21/08, 5:49 pm

1 Answer from Attorneys
Joseph Michelotti Michelotti & Associates, Ltd.

Re: House in trust

If its an Illinois land trust she can stay forever.

Forget about the $10,000.00/year, you have a real problem which needs to be resolved immediately.

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Answered on 5/22/08, 10:25 pm


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