Thank you for your question. It is important that you know that transferring real estate under circumstances like this can be very complicated. I recommend that you work in stages. The first thing your must do is find out if your father is still the legal owner of the property. Contact a real...Read more »
In the case of divorce - Trust 1, which has a clause that names the beneficiary as spouse A & states distributions are not community property, owns an S corp (an LLC). The S corp paid distributions to spouse A, which were claimed jointly as non passive income in a community property state (AZ).... Read more »
Unfortunately, you are asking a very difficult question. The answers hinge on the documents currently in place as well as the status of the divorce. The attorney will need to see if there is premarital agreement in place. If so, that agreement may control. We also need to look at the S...Read more »
I am the Successor Trustee for a relative's Revocable Living Trust. Can I get either a Tax ID Number (TIN) or Employer ID Number (EIN) for the Trust prior to the Trustor's death? The purpose being to smooth things out a little after the Trustor's passing and not for taxes prior to... Read more »
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...Read more »
Trust stated that upon sale of house, she receive 50% of the proceeds and 4 adult kids (2 from his previous marriage and 2 from hers) receive the other 50% of the proceeds divided evenly. She sold the house and is still living. Is this considered inheritance for the kids?
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...Read more »
I am sorry for your loss. These are excellent questions. I will give you the general rules. Then I recommend you see an accountant who knows about filing income tax returns for trusts and for probate estates.
Legally a Probate Estate and a Trust whose Trustmaker is deceased (trust...Read more »
I need information on my parents who passed away and sister who is controlling the will and it's not allowing me any information on it of their state of their will of their house of any funds or any anything for that matter. What's the best way how to handle this matter?
I inherited my father’s share of a home that is titled “Tenancy in Common”. The other owner is his 2nd wife of 35 yrs. In his will, she has a life estate of my father’s share. My father passed 10 yrs ago. His will has not been probated; 50% of title is still in his name. The wife is... Read more »
I am sorry for the loss of your father and all of these challenges.
Unfortunately I cannot answer your question about value of your interest, without reviewing your father's will, and without additional information. I strongly urge you to find an attorney in the county in which the...Read more »
My wife grandmother pasted away few days ago and we are looking to move inside her house but don’t want to make a mistake. My wife has a Will from her grandmother which state she is leaving the house to us. We are planning to start the probate process within the next 30 days.
A Last Will only has authority after the Last Will is admitted into probate and a Personal Representative is appointed. Find an attorney in Mohave County to help you . After the Last Will is admitted and the Personal Representative is appointed, the attorney...Read more »
I am the personal rep of her estate. Will I need to do Deed of Distribution and quitclaim deeds for the two brothers? Also, one is in jail so what happens to his part of the buyout and how do I get those forms signed?
My question is about his property. He had a truck, motorcycle, personal items and a bank account. My grandma said what's in the account he owes her so she gets that and she said the truck and other items aren't going anywhere until she says so. Is that legal? Is there something I have to... Read more »
Unfortunately there may not be a simple answer to your questions. Assuming your father was not married, he had no other children, and he did not have any joint bank accounts with others, then you may be the sole heir.
Funeral home says need both parents permission. Tho he has not had any contact with mother in over 15 years. I had custody when he was a juvenile. He had said he wanted cremation for years. Does the funeral home need my ex wife's permission. She has no issues with the cremation. But the... Read more »
The law regarding burial and cremation in AZ is ARS 36-831. Cremation is not a right in Arizona. In order to be cremated one needs a cremation permit. In order to receive this permit the rule is generally that the decedent:
There are many ways to own property. Joint tenancy with rights of survivorship is the least efficient from an income tax perspective. You may also need to file a gift tax return if the value you are transferring is more than $15,000. Finally, if the family member ever has financial or legal...Read more »
A holographic will may be valid, but they are very often prepared incorrectly. If the holographic will is prepared incorrectly, it may not be approved by the probate court. When that happens the law of default will apply. The family will have to apply for an intestate probate. Intestate means,...Read more »
Before my father's passing, he pulled out funds from his 401K. There must have been some discrepancy in the amount paid to him, as Discover Financial Services sent him a cheque for the amount of the difference (about $400) in 2020. The issue is that this cheque was sent out several months... Read more »
I have a few questions though. If there is an Executor, a probate would have to be opened. The Letters of Personal Representative would give the company authority to issue the check. Only a court can appoint someone to be the Executor or Personal...Read more »
One of the jobs of Personal Representative of the estate is to pay all of the decedent's verified debts. If you look on the form that you signed to open the probate, which is called ORDER TO PERSONAL REPRESENTATIVE AND ACKNOWLEDGEMENT AND INFORMATION TO HEIRS/DEVISEES, item 13 says that your...Read more »
I have a copy of the will where he states who each property would go to. We also know he had life insurance and his business that was not distributed properly or at all for that matter. The homes he left to family in the will were in Forclosure due to the person not distributing everything the way... Read more »
I am a middle aged woman who is receiving SSI, and I would like to write a will. Upon my death, I plan on giving all of my household goods to a thrift store, and I would like to place money on the side to pay for any outstanding debts. Also, I am concerned about my personal information regarding my... Read more »
I will try to answer you as best I can. A Last Will is designed to transfer assets to your loved ones at your death. A Last Will must be entered into Probate Court in order to work. Probate can be an expensive process. The person who is appointed...Read more »
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