GreenEggs
Recycles dryer sheets
- Joined
- Jul 6, 2019
- Messages
- 262
My father passed away last year and all of his assets were in a Trust. Upon his death, the family trust was distributed into the heirs' trusts. Dad owned a property that was appraised at approx 30% of our asking price, so there will be substantial capital gains when it sells. I'm trying to determine what the CG tax rate is for Trusts. I think my accountant said it's 35%, but searching online shows conflicting info, with rates from 20-37.5%.
Do any of you know where I can confirm the rate? (link please)
Does anyone have ideas on ways to lower the rate if it is 35%+? I could transfer the deed from the Trust into my personal name, but would lose the limited liability protection. Maybe an LLC, etc.?
I'm looking into Opportunity Zones and OZ funds. That seems like the simplest solution, but I'm still researching the details about investing in them.
Do any of you know where I can confirm the rate? (link please)
Does anyone have ideas on ways to lower the rate if it is 35%+? I could transfer the deed from the Trust into my personal name, but would lose the limited liability protection. Maybe an LLC, etc.?
I'm looking into Opportunity Zones and OZ funds. That seems like the simplest solution, but I'm still researching the details about investing in them.