My daughter formed a trust on my mother’s assets. Unbeknownst to me when my mother died, I discovered that I inherited nothing. I got a copy of the trust and I don’t understand what it means. I am listed third under my daughters as a lifetime beneficiary. What rights do I have? In another... View More
answered on Apr 22, 2024
In Utah, there is no set percentage for what a nonprofessional (family member) trustee can charge a family trust. Compensation is typically based on what is reasonable given the duties performed, the time involved, and the complexity of the trust administration. The trust document may specify the... View More
She was always nervous could never be alone from age 2. She sighned that not knowing what it meant. He can sell everything including the home property everything inside and out. Mom wouldn’t have willing do this we need help please.
answered on Feb 25, 2024
If the attorney serving as the executor of your mother's will is acting in a manner that raises concerns, beneficiaries do have options. Generally, an executor can be removed by the court for valid reasons such as mismanagement of estate assets, failure to comply with the will's terms, or... View More
I wasn't notified when my father passed on. My father's favorite 2 children are still living, no contact. He didn't want 3rd girl, my other siblings both died in their 40's, medical issues. My father said way back he had a trust & I was on it but later returned to his... View More
answered on Jan 22, 2024
I understand your concerns regarding your father's family trust and the uncertainty surrounding your inclusion in it. Trusts are indeed private documents, and it can be challenging to ascertain whether you are a beneficiary without direct communication from the trustee.
To begin your... View More
Is creating a trust the best option to protect my assets before a divorce in Utah? If yes, should I have my trust before or after the divorce? What options I have to minimize the loss of my assets in Utah?
answered on Nov 17, 2023
If you are already married, the only way a Trust might help is if both of you sign an irrevocable trust, permanently giving up your asset. For example, the irrevocable trust could give the asset to your children. Once you both sign it, you no longer have control over the asset, so neither of you... View More
How do I go about getting my name added to the house
answered on Sep 25, 2023
The answer depends on a few things:
1- Were they listed as joint tenants or something else?
2- Did he leave a surviving spouse? In Utah, a surviving spouse will inherit everything if all of the children of the decedent are also children of the surviving spouse. If the surviving... View More
In Utah this is important because anything inherited by my stepmother through joint tenancy offsets what she would inherit of my father's other assets that were solely in his name.
answered on Nov 14, 2022
You should look to the operating agreement (if there is one) to see how the decedent member's interest is handled. If there isn't one, then an LLC interest is considered personal property and if acquired during marriage would be considered as being held in joint tenancy.
I hope... View More
My husband, myself, our 2 daughters, and another person are beneficiaries. The supposed trustee is an unlicensed attorney in Guam who is represented by my brothers former law partner. And that guy says we cannot communicate with the trustee at all, but just go through him (the former law partner of... View More
answered on Oct 19, 2022
Great question! Seeing red flags in a situation like this makes one wonder if your assets are safe.
If your case were in Utah, I could tell you that any time a person has questions or concerns about a trustee of a Trust, they can require that the Trust be overseen by a probate judge.... View More
The husband might even be willing to sign an Affidavit giving her son the inheritance?
answered on Aug 12, 2022
Hello,
The best thing to do would be to talk with an attorney. By statute, you cannot disinherit your spouse without their permission. I would encourage your mother to get a post-nuptial agreement and then engage in estate planning. I would normally recommend that she set up a trust so... View More
2 rental properties in Utah in which I am the sole owner, I reside in WA. I formulated an LLC in Utah but never used it \. Would like to reuse that LLC but the address is under a former business partners address that lived in Utah. I am now sole owner of LLC. I already have a seperate bank... View More
answered on Mar 21, 2022
Best practice is to set up an LLC where the real estate is located. We can update addresses and registered agents as well as ownership information in order to bring your business information current.
If you don't have the LLC in the same state as your real estate you will often have... View More
My 19 year old son's father died 8 days ago, and the mother of the deceased has self-appointed herself executor and claims that the assets need to go to her because her son borrowed money and never repaid her. There was no legal contract for this supposed debt, but she is already trying to... View More
answered on Feb 24, 2022
If your son wants to assert his authority as personal representative of his father's estate, then he can do so through a probate process. I have pasted the relevant code section below. In addition, if your son doesn't want to do it, he can nominate you serve as his father's... View More
Father put house into trust with me and sister as trustees and now has passed. There is income paid to the house so it pays the mortgage $500 in $500 out. Does the house count it as income or would me and my sister take care of it on our taxes? The trust has an IEN tax number already?
answered on Feb 13, 2022
You need to review this with a CPA, but most likely the trust became irrevocable when your father died and is, therefore, a separate taxpayer that is now obligated to file annual income tax returns the same as you are. As such, the income "belongs" to the trust and is reportable on its... View More
My mother in law passed away January 2021 and the executor has still not completed anything. Her house sold in October of 2021 and he said it'll be done soon. Checked in with him in December and he said "well, we have to give a couple of people small amounts of money that she... View More
answered on Feb 10, 2022
Hello,
I am sorry for your plight. If this is in Utah and it is a Will, then your husband as a beneficiary is entitled to a copy of the will. Legally they are and the PR / Executor has to give him a copy as well as the inventory when it is completed. The only real stick you have in order to... View More
My ex wife passed away and our 10 year old daughter is the beneficiary on her life insurance policy. In order to get a lump sum payment, State Farm Insurance is requiring me to provide a Certified Copy of the Court Order and Letters of Guardianship of the minor’s estate. I shared custody of my... View More
answered on Feb 3, 2022
I believe what you actually need is a conservatorship. You are already the child's guardian by virtue of your status as surviving parent.
Be forewarned: as conservator, you will be responsible to the Court for every cent in your daughter's account. You may only spend funds from... View More
At time of death it was valued at $270,800. Selling at 373k. It’s the only asset. Do we pay capital gains tax? What rate? Or does each descendant get a 1099 and pay their own taxes?
answered on Feb 10, 2022
This is a better question for your accountant, but normally the estate will issue a K1 to each beneficiary that received cash distributions from the sale of the house that year. The house appreciation from the date of death will be attributable to the beneficiaries to whom it was distributed to at... View More
My partner has a SBA loan from 2019. Will it become my debt after we get married?
answered on Jan 24, 2022
On those simple facts, no. You marry the partner, not his/her premarital debts. You would only become liable for the debt if you consented, e.g., by assuming the obligation with a writing signed by you for some new consideration.
But, if, for instance, you somehow participated in your... View More
answered on Nov 22, 2021
Yes and no. Nor for personal debts, student loan debts, credit card debts etc. but yes to medical bills. The creditors have a right to make a claim against his estate and the estate has an obligation to pay it as long as the assets in the estate are over and above the exemption amount. The... View More
answered on Aug 23, 2021
Your best answer depends on a few things that an attorney would need to discuss with you. If you don't have a copy of the Trust, you need help proving your authority as the Trustee. If you are the creator of the Trust, you can always sign an updated version of the Trust. If you are an heir and... View More
Decedent received dividend distributions after his death. Does Estate have to pay estate tax or income tax?
answered on Aug 13, 2021
Hi, dividend income would be considered income tax. The estate tax has to deal with the total amount of value passing from the decedent to others. So, it can be counted as both--income when received by the estate and an amount chipping away at the estate tax exemption credit. Most people are not... View More
IRS states as follows in their website
The property includible in the U.S.-situated gross estate for a nonresident not a citizen includes only assets “situated” in the United States, such as:
1. U.S. real estate,
2. All tangible property located in the United States,... View More
answered on Aug 13, 2021
Cash is considered tangible personal property. In your case, money held in the bank would either be deemed "cash" or "intangible" property.
I hope this helps.
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