Ilene L McCauley

Ilene L. McCauley has been a member of the State Bar of Arizona since 1982. She has been certified by the Arizona Board of Legal Specialization as a Certified Specialist in Taxation since 1983. She was named “Top Estate Planning Attorney” in the Valley 2011 through 2020 and has a “superb” rating from AVVO since 2015.

Ms. McCauley is a member of Wealth Counsel. She was selected by the Tax Advisory Commission to serve an appointment on the Tax Advisory Commission of the State Bar of Arizona. She was formerly appointed to the position of Adjunct Professor at the Estate and Wealth Strategies Institute at Michigan State University and has taught advanced tax, business, and estate planning courses via the internet.

Ms. McCauley earned her BA from Binghamton University; her JD from Hofstra University School of Law; her LLM (Masters of Law in Taxation) from DePaul University School of Law and her second post-doctoral degree in Advanced Tax and Estate Planning from the Esperti-Peterson Institute.

Estate Planning

Guardianship & Conservatorship Estate Administration, Health Care Directives, Trusts, Wills

Probate

Probate Administration, Probate Litigation, Will Contests

Business Law

Business Contracts, Business Dissolution, Business Finance, Business Formation, Business Litigation, Franchising, Mergers & Acquisitions, Partnership & Shareholder Disputes

Tax Law

Business Taxes, Criminal Tax Litigation, Estate Tax Planning, Income Taxes, International Taxes, Payroll Taxes, Property Taxes, Sales Taxes, Tax Appeals, Tax Audits, Tax Planning

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• Credit Cards Accepted

Arizona

State Bar of Arizona

Since 1982

U.S. Supreme Court

Since 1991

Ilene L. McCauley Ltd.

Current

Hofstra University

J.D.

DePaul University

LL.M. | Masters of Law in Taxation

Best Probate Attorneys in Scottsdale

Expertise

2022

Top Rated Lawyer

Avvo

2022

Top Lawyers 2020

North Valley Magazine

2020

State Bar of Arizona

Member

Current

Wealth Counsel

Member

Current

Certified Specialist in Tax Law

Arizona Board of Legal Specialization

1983

Q. Can you get an EIN for a Revocable Living Trust prior to the Trustee's death.

April 22, 2022

A: Thank you for your question. EIN and TIN are the same and are applied for on the same application. The answer is you CAN get an EIN (Employer Identification Number) or TIN (Tax Identification Number) for a Trust, but it generally is not a good idea. When the Trustor is alive, the Trust uses the Trustor's social security number and that way the IRS knows that all of the income belongs to the Trustor. The 1040 income tax return shows that income. If you get a TIN before death, the application triggers the need for the Trustor to file form 1041, income tax return for trust. This process is complicated. It will make your job harder not easier. When the Trustor dies, that is the time to apply for the TIN for the Trust. The fiduciary files the final 1040 for the decedent. The Trustee must then file a 1041 for the trust, for income received AFTER the Trustor's death. Speak to your trust attorney and/or your CPA for additional guidance.

Q. Mom & husband were married. Their house was in a trust. He passed away. Mom lived there a couple more years alone.

April 5, 2022

A: Based upon the information you provided, the distribution is an inheritance to all parties. However, there is more information you need to know. Even though the asset is an inheritance, there may be capital gains tax which must be paid upon the sale of the house. The house got a new basis when your mom's husband died. The difference between the value of the house on the date of his death and the sale price of the house, if it is greater, will be capital gains. The gain will either be paid by the trust, or it can sometimes be divided between the recipients. 1/2 to mom. 1/2 to her husband's children. There is no way for me to know. My advice is to work with a qualified CPA who understands trust accounting to calculate the capital gains, and how the the capital gains tax will be paid. I strongly urge you not to do this yourself.

Q. I filed TOD deed, but now want to transfer the property into my trust. Does quitclaiming into the trust cancel the TOD?

March 18, 2022

A: I understand that you believe that this type of transaction should be simple. Unfortunately real estate transfers are never simple. I strongly urge you to have your estate planning attorney review what you have done, in light of what you want to do with the property. Then, your attorney can prepare the documents necessary to properly implement your plan.