“If you put your house in a Land Trust and you passed away, will your kids still need to pay the inheritance tax?”
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Scott Paton:
If I put my house in a land trust and I pass away, my kids will still have to pay an Inheritance Tax.
Lou Brown:
That is correct. So in other words, with a Land Trust, it’s going to pass to the heirs. It’s in a trust, but it’s going to pass through the heirs. So whomever, it was that owned that asset. Now, the good news is it’s already in trust. So, the fact that it’s in trust is a great thing. So, it depends on who the beneficiary was of that trust. If you were the beneficiary of that trust, then yes, there would be a taxable event. So there, so that’s the one piece of that. However, the trust, if it’s a land trust can stay in place and that can pass on to those heirs without having to move it out of the trust, but there would have to be a death, so to speak tax return, that would account for the wealth of the person that passed away.
