If a beneficiary is going through a civil lawsuit right now can I change my revocable family trust to remove them legally? Or will this get questioned as me trying to hide assets from potential future creditors?
The beneficiary has no rights or expectation of assets from a Living Trust because the gift is just a plan to give, maybe. Change the Trust all you like. You might even want to change the gift to this person to an irrevocable trust that can be proof against his creditors.
She is on a fixed income and recently refinanced the home because he demanded she pay him back for the down payment which was over 20 yrs ago. She has been the only one paying mortage, utilities. Hes been there freeloading. Now hes demanding she leave, its his house. Shes not allowed to eat his... Read more »
It is past time to go to the court and ask for a restraining order. Your local courthouse will have a free clinic that can advise mom on how to do it, they will prepare the papers and point he in the right direction. Financial abuse, violence or the threat of violence and isolating from family...Read more »
There is a 2nd adult daughter that he is excluding. How can he do this? Will a quit claim deed suffice? I believe the house is free and clear. Hispanic family but full citizenship. Please advise me what to tell him or where I can send him for legal advice. He is definitely low income.
That depends on how the deed is worded. If it lists you as a joint tenant with rights of survivorship then you are now the full owner and skip Probate, but you need to file an affidavit with the county clerk and show them the death certificate to get the house recorded in your name alone....Read more »
Jack and Jill transfer property to Jack and Jill has Trustees of 2005 trust later jack-and-jill transfer to Jack and Jill as Trustees of 2010 Trust which trust is the property in is any corrective action necessary where would the hang-up be at the title company the recorder the Assessor and does... Read more »
She is unable to pay her bills and refuses any type of help or to go to the doctor. I fear for her safety. Wellness checks from the Department of Public Safety in La Mirada have resulted in reports that state that she should not be alone. Home visits from SASSFA have stated that she is confused... Read more »
She can grant you Power of Attorney if she has the capacity to.
It sounds like it might be too late for her to sign anything. In that case you have to get the court to grant you a conservatorship. It will require a form from her doctor plus a pile of papers, and an investigator will...Read more »
Her brother died, he was 75 and had no dependents. Mom is the next of Kin. She receives her deceased spouses SS Retirement benefits that started when she retired at 62. She was left to take care/close out his banking and found out he had a 401K and an IRA. She is a beneficiary on one and had to... Read more »
We both want to be able to remain in the home, make improvements, or sell if the other passes away. He wants to ensure his children to receive his share of the proceeds if the house is sold after his death. We may get married and have more children in the future. What is the best ownership... Read more »
Joint tenancy would mean that when A dies, B gets it all. B may not remember or want to give assets to the children of A. B might just meet a new person after the funeral and forget A completely! It happens, and poor A's kids get left out in the cold....Read more »
Her brother died of Covid on January 19th. My wife then died of Covid 4 days later. What happens to the 401k account? Her brother had a daughter, but she wasn't listed as a beneficiary. Does the 401k pass to the daughter, or does it go to my wife's estate?
A Will or a Trust normally has provisions regarding this sort of situation, but unless the 401K administrator had the brother sign something unusual, then the money would still go to the estate of your wife. But check with the administrator.
When she passes the house to you, it gives you a stepped up basis with regard to capital gains taxes. Her tax basis was what she paid but yours will be what the value was when she died (good for you financially). So you will only be taxed on any gain from the date of her...Read more »
I just started a company (a Delaware C-corp). It is worth basically nothing at this point since it just got started. There are no investors so far, so I own most of the shares in the form of restricted stock that has been early-exercised. The shares will be vested over 4 years.
One solution I have seen is to issue her non-voting shares. These will have 40% less value than a regular voting share because they have no control. That would allow you to give them to her at $25,000 per year without filing a gift tax return.
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