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... Read 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... Read 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.... Read more »
The husband might even be willing to sign an Affidavit giving her son the inheritance?
answered on Aug 12, 2022
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... Read 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... Read 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... Read 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... Read 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... Read 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... Read 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... Read 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... Read more »
answered on Feb 10, 2022
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... Read 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... Read 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... Read 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... Read 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... Read 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... Read 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... Read 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,... Read 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.
The house is a long distance from the trustee’s residence and full of personal property to be garnered, valued, and distributed. The house is to be sold with equal shares to beneficiaries. The trustee is one of those beneficiaries.
answered on Jul 5, 2021
It sounds reasonable as long as it doesn't take too long. If the trust doesn't speak to that ability, then the trustee probably can. A trustee's actions need to be reasonable or some other standard as outlined in the trust agreement. If this is done, then the trustee will still... Read more »
When he was alive, he told me that he put his dog in his will and specifically told me that it was important (he was acting very cryptic and secretive about it). His estranged wife keeps asking me if I'm going to keep her. I told her yes, and that I suspected my friend (her estranged husband)... Read more »
answered on Apr 26, 2021
If you are to receive his dog (which is deemed "property") then you are a beneficiary of the will. As such, you are entitled to see the Will unless the Will says otherwise (something like, no beneficiary is entitled to a copy of the will and will be subject to judicial review only).... Read more »
Can the trustees bypass that heir and have it closed anyway? Does an heir who is uncooperative with the trustees and their attorney have any rights to contest what the trustees have done with the trust? The uncooperative heir is myself because of the dysfunctional relationships in my family. Thank... Read more »
answered on Mar 8, 2021
If a Trust is handled incorrectly, you can contest that in court. You definitely have the right as an heir to contest.
Being uncooperative won't be appreciated by a judge. You want to have a good reason to contest, and be prepared to pay for attorneys fees that are not paid back if... Read more »
I am about to inherit restricted stocks from my father who was an insider in the company. I dont know what the restrictions are exactly yet, but whatever they are, can I and how likely can I succeed to force the company to lift those restrictions in the court?
Do they need to have... Read more »
answered on Feb 3, 2021
That questions is difficult to answer. If your Dad died while working at the company, perhaps the stock will come restriction free. Usually restrictions are in place to prevent insider trading, so if there is no chance at insider trading anymore, they may lift them. Other... Read more »
A 62 year old female continues to live in her parents home after they have been dead for several years. She receives minimum disability benefits. The home was part of a trust to multiple family members, one of which has died and the others seem to have no interest in the property as far as... Read more »
answered on Dec 28, 2020
If the house has been retitled in the names of the multiple family members as a result of administration of the trust, then the other owners need to sign one or more deeds transferring their interests to the 62 year old lady.
If the house is still in the name of the trust, then the trust... Read more »
My parents and I both used an attorney in South Jordan, Utah to write up trusts in 2014. My parents are now trying to refinance their reverse mortgage. We need information from the attorney. We tried to contact him via telephone and email. Can't leave message and emails kicked back. Checked... Read more »
answered on Dec 10, 2020
As a best practice, clients should safeguard estate planning documents rather than the lawyer or law firm. Having a scanned digital copy is also a good idea. You might be able to find some records with the county recorder's office if real estate was transferred to the trust. Otherwise, you... Read more »
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