The Probate process begins with someone filing a Petition with the Probate Court, along with the Will if there is one. A court date is assigned 15 to 30 days out. The petitioner is required to give notice of ths to all heirs, beneficiaries, creditors and persons of interest so that they can...Read more »
If your friend executes a Power of Attorney it will list specific authorities that he gives you over his property. He may have made a very limited one, or a very broad one. If he gave you a broad Power of Attorney then he gave you the authority to handle his taxes, buy and sell real estate, pay...Read more »
My aunt and my mom found out from hospitals my dad passed away in 1989. He owned many properties under his name before and after marriage to another woman since he never married my mom here in California. That was 30 years ago. Searching those properties today online in his name, it's still active.... Read more »
Trust A is generation skipping. Trust B is divided amongst children. Standard HEMS. Otherwise beneficiaries cannot take out money, only what trust generates. Each settlor is deceased, one very recently and he hadn’t been of sound mind for years. Trust was made when tax exempt rate was $600,000.... Read more »
The grantor transferred a trust asset's title to a beneficiary–my brother. But per the trust: upon the death of the grantor, the asset, a condo, goes to my brother, but not for free. To equalize, an amount equal to its appraised value is to be withheld from my brother's share of the trust... Read more »
All questions like this of course depend on exactly what the Trust states.
However, normally a grantor retains rights (written this way explicitly in the Trust) to do pretty much as he pleases with every asset. This only applies to a Revocable ("Living") Trust. If the Trust was...Read more »
Daughter is on SSI, requests mother to be trustee and make new SNT for litigation proceeds resulting from her deceased father's inheritance litigation. Litigation atty claims SNT would be fraud, suggests use of an ABLE acct, but proceeds will be ~$50-60k.
I'm 83 and she is my caretaker and we live together. She has put her life on hold to care for me and I want her to own the house before I die. I have an old living trust that is no longer relevant. I believe the trust splits the property equally between my five children. What type of attorney... Read more »
Do NOT give the house away. It will ruin the tax advantage you have for holding it. If you let your daughter inherit it then she will get to inherit the house with the present value as her tax basis. If you just give it to her she will take YOUR tax basis, which is the amount you paid for it...Read more »
Both of them have grown children. I was wondering if my grandfather's step children had any claim to the property or the finances made if the property was sold? My grandfather inherited the property from his parents.
What you want to do is find something to show what the value of the property was when she died. A good idea is to have the property appraised (cost a few hundred dollars). That will give you a reasonable and fact based idea from a trained...Read more »
Your son died "intestate" (without a WIll) so the process is very straight forward. The estate will have someone appointed by the court to handle it, things will be inventoried and divided according to the law. If he had no wife or children, then your ex-husband and you will...Read more »
She should be safe there. The rules for evicting someone from nursing care are pretty strict. As long as she (or her family or conservator) are working with the facility to get her on Medi-Cal, there should be no problem. If the facility does not take Medi-Cal though, then there will be...Read more »
My relative has dementia and the Trustee of their estate is selling properties of the estate at below market value and in private to a beneficiary of the trust. They sold a property of the estate without putting it on the market or telling the other beneficiaries. It was sold under market value.... Read more »
Me and my husband (wife and husband) are an old, married couple that own a rental property in California. The property was purchased after we married. I would assume it would fall under community property law. However, the property deed is in the name of my husband. What I want to know is with a... Read more »
You need to have the house put in both of your names as Joint Tenants. Otherwise, you have no interest in the house at all when he dies or if you split up. If you are helping to pay the mortgage, you should be getting some equity for that.
It would also be nice if he had a Will that...Read more »
His mom wants to start a probate to sell the home, but she is worried about his (ex) wife making claims against his estate. They were separated for 31 years and he died without divorcing her. He bought the home 2 years ago and died one year ago. How much would the probate cost and can the mom keep... Read more »
Whether the "ex" has any rights depends on whether they were legally separated or not. Being legally separated requires a court order; it is a lot like getting divorced. Until you have that piece of paper, whatever you earn and build is community property.
My aunt and uncle were gifting their allowance to close relatives. Most of the relatives are dependant upon this money to survive and pay bills . My aunt and uncle always expressed that they wanted to care for their family. Uncle has died and recently aunt has early dementia, their estate is in a... Read more »
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