Bottom line ...no. Once an asset is in an irrevocable trust, which is what a MAPT is, you give up control of those assets. You may still be able to receive income from the trust, but you may not transfer, sell or use assets. You would appoint a trustee to control the assets. As for the corporation,...Read more »
My mother who is sick and has Alzheimer’s has a condo in Florida that isn’t being used. We live in NY. It is in the family trust. It is willed to my estranged sister after mom passes. The maintenance fees are 400 a month plus taxes, and I would rather use that money towards her care or save... Read more »
As Trustee, you have the power to administer the trust and the assets contained in it. The Trust agreement will dictate what you can and cannot do. The Trust agreement would need to be reviewed before a proper opinion could be provided.
I’m not sure what type of notice you received. If you are doing something in violation of your lease, the normal process is to serve you with a Notice to Cure. That gives you a short time to correct the offending condition. A Notice to Terminate your lease would be inappropriate if this is the...Read more »
The Will should indicate whether his heirs will inherit his share, assuming he has heirs. Since they passed so close to each other, there is often a provision in the Will regarding if a beneficiary is considered to have predeceased or survived your cousin.
Normally, if she left a Will it would need to be probated. If no Will, an Administation proceeding would need to be brought in the county where she resided before death. The person petitioning may then need to make a second petition in Puerto Rico in order to have power there. It can be a complex...Read more »
I AM NOT, a violent person, and I DID NOT, hurt this dog! I was at work, and a customers dog was off the leash. A Big mastiff, type of dog! Im trying to work, and this dog is circling the shop, growling, and barking at me. I value my own life, and safety over this dogs! The day before, I asked this... Read more »
Mom needed 24/7 monitoring, and frequent trips to Drs and treatment. I worked from home to care for her. She died in 2015 and now I must sell the house and split the proceeds with my sister who never visited or cared for mom. I also paid for new appliances, a front porch, a whole house generator... Read more »
My mother's will states that the estate will cover final expenses. I laid out the funds and my siblings reimbursed me their share of the cost. The estate has not reimbursed me for my share. (I have no idea if the estate paid them back). The attorney for the estate is trying to get me to... Read more »
The widow does NOT pay for property taxes, property upkeep, home insurance etc. Nor will her estate benefit from a sale. The 2 step children are remainderman beneficiaries and the late husband always paid those bills, in the lifestyle she had been accustomed to for 30 years.
I have an LLC that holds a Brooklyn residential property. I have an LLC that holds a South Carolina property. Let's say that a resident of the Brooklyn property sues me, receives a money judgment and exceeds the insurance payout. Would they be able to go after the equity in my LLC (that holds... Read more »
As long as you are operating the LLC as a distinct and separate entity, liability is limited to the assets of that LLC. To go after you personally or your assets, someone would have to show that you are not operating the LLC as a separate entity, that you are commingling funds and ignoring the...Read more »
Medicaid can look back 5 years when someone applies for institutional nursing care. That applies to transfers to individuals or trusts. Non-institutional care has no look back period right now but will have a 30 month look back starting next year.
To sign a Power of Attorney, your Mom must be able to understand what she is signing and its impact. If she suffers from dementia, Alzheimer's or a mental infirmity and is unable to understand, you would have to bring a Guardianship proceeding to assume control of her property and/or personal...Read more »
If a person died without a Will or a Trust and had property, assets or claims in their name that need to be distributed or pursued, an Administration proceeding must be initiated in Surrogates Court. It must be brought in the County where they resided prior to death. At the present time, there...Read more »
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