Legal Question in Wills and Trusts in Texas
Will or Trust
My sickly and disabled mother owns property and wants to give me general power of attorney and also a will for property.Is a will different from trust.Which is best.
Sal
Asked on 9/25/06, 8:47 pm
2 Answers from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Will or Trust
The better one is strictly determined by the facts of the situation. As a general rule a trust tends to be overkill.
Answered on 9/25/06, 8:54 pm
Cheryl Rivera Smith
The Smith Law Firm
Re: Will or Trust
If the property is gifted before death then the recipient will take title to the property at the prior owner's basis and is usually liable for hefty capital gains tax when the property is sold. If it is inherited, then the value at the time of inheritance is established at the time of death (known as a stepped-up basis). Thus, taking under a will is generally better.
Answered on 9/26/06, 10:42 am
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