Dear Quentin, I have been in a committed, long-term relationship for 14-plus years. My partner does not want to marry and believes he is taking care of me legally and financially should he precede me in death. He is a loving and generous partner and I do trust him, but I know his arrangements are designed to protect himself while trying to look out for me at the same time.
We are both retired. We both have our own annuities and IRAs (traditional and Roth), and we serve as partial beneficiaries on these investments. He has siblings, no children, while I have children and grandchildren. His personal property (including a valuable home) is in a revocable trust with me as sole beneficiary. I am not on the deed of our home. My questions related to the trust: What happens after he passes and what tax consequences will I be dealing with once ownership of the house passes to me? Is this still inherited property? How wi …
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We are both retired. We both have our own annuities and IRAs (traditional and Roth), and we serve as partial beneficiaries on these investments. He has siblings, no children, while I have children and grandchildren. His personal property (including a valuable home) is in a revocable trust with me as sole beneficiary. I am not on the deed of our home. My questions related to the trust: What happens after he passes and what tax consequences will I be dealing with once ownership of the house passes to me? Is this still inherited property? How wi …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]