Question: If I place my home in an irrevocable trust with my children as beneficiaries what is the tax upon my death?

Response: There is almost certainly no tax upon your death but a lot depends on the particular trust. It may be written so that when you transfer your home into the trust it is a completed gift for tax purposes. In that case, you are supposed to file a gift tax return at the time of the transfer, but it’s highly unlikely that you’ll owe a tax since there’s only a federal gift tax due after you’ve made $14 million in taxable gifts. (In addition, unless you’re in the bracket where you may have a taxable estate, there’s really no penalty for not filing a gift tax return.)