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.
Being the oldest doesn't help. Someone petitions the Probate Court to be the administrator. If the siblings object then the judge will yell at them to find a solution they can agree on, like even a professional service.
I'm looking to purchase a property with my partner in the name of a trust to improve our privacy and create the framework for future estate planning. We're unmarried with no kids or other assets. Is it acceptable to have a joint living trust for an unmarried couple in CA? Does this... Read more »
I am not sure exactly what you are asking, but if when I transfer property into a living trust I write on the deed "Transfer to inter vivos trust per Cal Tax & Rev Code 11930". I put it near the transfer tax line.
Depending on the county, they may also want a Transfer Tax...Read more »
My elderly neighbor's husband just passed, and she finds herself overwhelmed by paperwork, by legal matters, and so forth. She is getting quite on in years and has no living family. She offered to will me her home if I would become power of attorney on her behalf and helped manage her affairs.... Read more »
My mother recently passed away. I have a will and a power of attorney signed by my mother. I am her sole survivor. The bank will not allow me to access her bank account saying that I need to go to the county and get a small estate affidavit and/or appointment papers as the... Read more »
Just go to the courthouse (the county Probate court should work best) and look it up on their computers. You should be able to search the Probate files with just the name of the deceased; if not the clerk can help you. Then look at the File and print up the Will that was entered into the court.
If yo ualready have the trust, all you have to do is make a new deed and record it with the County Clerk. The clerk will charge you about $25 if it is your residence and $100 if it is not. If you want the deed written for you then it is probably about $250.
What does my wife need to prove to the court and what is the best type of evidence for my wife to provide the courts to show the that her mother needs to be confined for her safety and the safety of others(her mother has he her liscenae revoked but still drives when she shouldn’t she stops in the... Read more »
A Conservatorship is filed in the County where she lives. You can ask the judge for special powers to put her in a facility where she can be kept from wandering, but your doctor has to support it and the judge won't want to do it unless it really is the best thing for Mom; the same procedure...Read more »
My father owns a house outright in California. I am the only child, and the house is in trust to be inherited down to me. My mother passed 2 years ago. If I in turn sell the house after my dad passes, do I get hit with capital gains tax?
If mom died without a Will (called dying intestate) then the Probate Court has to approve the disposition of her assets. Someone has to go to the Probate Court where she died and start the proceedings. It won't matter where you live. Her assets will be divided per the law which generally...Read more »
My father still has a small mortgage on the home. He already has a Will and Durable POA. He is interested in creating a mechanism such as a living trust by which his home and minivan can be transferred to me as his sole heir without the necessity of the property going through probate. His Will... Read more »
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