A lot depends on the specifics of the trust.
Q. My mom has a revocable trust. Her house is in it and I am the beneficiary of the trust. Upon inheritance can, I simply sell? I was told that taking it out of the trust and putting it in a life estate would give me a step-up benefit that the trust would not have. How much should it cost to remove the house from the trust and put in a life estate?That’s why we’re glad that you’re asking now.
provides that the property will pass outright to you, then, upon title being passed to you, you can sell it subject to any debts or liens that may have been placed on the property, said Jason Marx, chair of the Tax & Estate Planning and Elder Law & Special Needs Planning groups at Curcio Mirzaian Sirot in Roseland.