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.
Don’t gift away large assets!
This is all about your tax basis in the asset. The tax basis is the amount the IRS uses to figure out your profit when you sell, so they can tax the profit. Usually, this amount is the purchase price.
If you give someone an asset, you also give... Read more »
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 »
Clearlake not San Lorendro
If she left it in a Will then you have to go through the Probate Court and get the court to order the new deed.
If she used a Trust then you could skip that step.
The value of the property is under 300 K.
You bypass Probate. But you need to file an Affidavit of Death of Joint Tenant with the County Clerk. The clerk's web site will have the form.
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 »
It sounds like only the first deed is valid. Jack & Jill were not the owners as individuals at the time of the second execution, that is, if the second transfer was as individuals as you imply.
There is no will. She started the divorce paperwork but didn't finalize anything. Is she entitled to everything. My brother does have a daughter.
Probably she gets everything if there is no divorce and no Will or Trust that says differently.
If they are divorced then she gets nothing.
If they have children then they get a share.
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 »
...because they know how things work in that county, they know county staff if document issues arise, and their travel fees will be lower?
Do you mean to do the Probate, or to do the planning?
For Probate, then yes local will be best.
For estate planning, find someone you are comfortable with. Location won't matter.
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 »
If she is receiving SSI then sudden money will kick her off, probably. If she is getting regular SS then that won't stop, but it may make some of it taxable.
The Special Needs Trust would have to be a Pooled Trust because of her age. A charity runs it and decides how to spend the... 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 »
TIC, or put it in a Trust.
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?
It should go to your 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.
In california, can my sister be appointed just guardian of living/medical conditions? Mom definitely cannot be at her home.
In California you need to have your sister appointed Conservatorship. There are two ways to do it: of the Person and of the Estate. The Person is way easier and will take care of all you say you need.
I'm confused about how many people need to be in front of my Notary Public. My wife and I as "Grantors" - OK .
My grown kids ??? Both of them are named in the document as Successor Trustees or just trustees. Please specify if all of need to be present in front of the Notary during the signing.
Grantors and Trustees.
Nobody else gets a say in the matter.
She's setting up her estate planning with a lawyer in Nevada where she lives.
None. Ish.
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.
I have a... Read more »
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.
6 children, no will. Does oldest child automatically become administrator of any estate? If yes and other children wish to contest that appointment, is that possible?
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.
The parents.
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 »
Yes, you can make a joint trust even if you aren't married. That is the best way to do things if you are together and want to take care of each other after one's untimely passing.
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 »
It looks to me as if he suffered during his death
Start with Adult Protective Services. I have had great luck with them and they will refer it to the office it needs to go to.
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