answered on Jun 4, 2023
The trust should say what happens to an asset if the beneficiary (the person who is going to inherit the asset) dies. Often, but not always, the trust will say the gift “lapses”, which means it essentially disappears as if it had not been contained in the trust in the first place. But, each... Read more »
answered on Jun 2, 2023
The answer to your question will depend on a lot of information that is not contained in your question. For example: Did the parents own real estate? If so, was it titled in Joint Tenancy, Community Property, or in some other way? The way real estate is titled can impact how it is transferred... Read more »
I live in California. 73 years old. married with living wife. Have question about will alternatives??? Almost all important accounts are co-owned (wife and I). Would like to avoid hassle of Wills etc. Have 2 grown children. Would like to leave estate equity to children (in their forties) when... Read more »
answered on Jun 1, 2023
There are several ways you can deal with your assets, but a lawyer would want to know your goals before recommending an option to move forward. For example, if you want to prevent your family from having to go through a 1 - 4 year long court process called Probate and you have assets with a gross... Read more »
Know ,they live in Arkansas, an recently told me about the property, one of my sisters said she wanted the property an has paid property tax,does that mean she is in control of the property? ,can she try an leave the property to her kids in a will she creates,because she claims the property is... Read more »
answered on May 29, 2023
Simply paying property tax on someone else’s property does not transfer ownership of that property. Real estate sales and transfers must be in writing and signed by the people who are giving up their ownership rights. Your grandparents’ trust or wills may say to whom they are leaving their... Read more »
No will or executer. She didn’t own any real estate, vehicle, etc. only her personal belongings and a personal checking account. The checking account was owned by her alone with no beneficiary listed. I paid for her final expenses on my credit card as was needed. We believe it may be $1,000 to... Read more »
answered on May 24, 2023
If your family member only had $3,000 worth of assets in one bank account, you may want to contact the bank and ask if it has a form Small Estate Affidavit you can sign. Some banks insist on everyone using THEIR FORM. So, even when an attorney drafts such an affidavit and it is perfectly valid,... Read more »
I was born in France, then moved to the US and in 2001 I married an American man.
In 2008 I became an American citizen. My 92 y.o mother is french and lives in France. She would like to buy some kind of property in the US as an investment. She probably won’t live in the US and if she... Read more »
answered on May 24, 2023
Real estate is handled differently than other assets because it is literally attached to the state (in the U.S.) and/or country. So, in most instances, U.S. law will apply to U.S. real estate. However, different countries belong to various treaties with other countries, so an international attorney... Read more »
their Joint income prior to his death. Because she (trustor/trustee) is accustomed to a higher standard of living, can she keep the money from the sale of the land? Or is she required by law to split it among his $20,000+ credit card debtors?
answered on May 18, 2023
A lawyer would have to read the terms of the trust in your particular situation. Your question is akin to saying, “There is a car in front of my house. Who owns it?” The trust will say who owns the real estate and if there are any restrictions on what the owner can do with the real estate. If... Read more »
My mother passed away 4yrs ago ,she did not leave a will ,my sisters and I are in our late 60’s,so we decided to notarize forms to give house to grandson’s,I have changed my mind can I revoke the for ,me and my sisters we’re not on house deed only my mother
answered on May 16, 2023
If the real estate was in your mother’s name, your siblings and you must go through the probate court process to get the legal authority to sign your mother’s name on the deed giving the property to whomever you want. Without a court order authorizing a specific person to sign on behalf of... Read more »
The seller does not want to put the papers in my name but she takes my payment every month. And I pay the taxes yearly.
answered on May 16, 2023
Who owns the real estate does NOT depend on who pays the mortgage. The only way the property can be transferred is through Probate. Here’s why: any person who gives up their interest in real estate MUST sign the deed in front of a notary to show that the person is voluntarily and knowingly... Read more »
answered on May 12, 2023
I’m not sure what your question is but, I will guess that you own assets and someone is trying to take them from you. If that’s the case, your solution will depend on the type of asset(s) the person is trying to take from you. For example, no one can take your real estate without your signature... Read more »
I have not received my money, my sister and mother won't send it to me. They receive their money and keep mine as well.
My sister was in charged of my father's will/trust. It says that im supposed to get money each month. I'm not sure what exactly it says because I... Read more »
answered on May 11, 2023
Unfortunately, if your sister and mother won't cooperate, you'll likely need to get a lawyer to send a demand letter that sets out the legal duties of trustees, which include giving you a copy of the trust. If they still will not cooperate, you'll be forced to file a Petition with... Read more »
Hello, my father is looking for a trust/will. Before he does we need to know what he has to do regarding his home. The home is divided into 1/3 married couples. Since purchased 4 individuals have passed leaving my dad and his bother left. One couple who passes set their son a grant deed to his name... Read more »
answered on May 7, 2023
Your father will need to discuss an overall plan to meet his overall goals. But, to answer your question, he would need a grant deed to put his one-fourth share of the real estate into a trust. The deed is just the vehicle to put the real estate into the trust. The trust then acts as the... Read more »
Transfer is for liability protection purpose. Husband and wife are trustees/members of the trust and the LLC. Property is located in Long Beach Calif. There is no change in percentage of ownership on the transaction before and after. We are Calif residents and the LLC is also registered in... Read more »
answered on May 5, 2023
In addition to the information provided by the other lawyer, be mindful that, if an LLC or corporation owns real estate and the ownership of the company/corporation changes by MORE THAN 50%, the real estate will be reassessed for property tax purposes. You'll need to keep that in mind when... Read more »
My parents had an AB trust. My dad remarried after my mom passed. He never changed the trust to address his new wife although she told me his wishes were that my brothers and I split the assets in the trust evenly between us 3 boys. Now she is coming back and looking for $. I want to be kind and... Read more »
answered on May 2, 2023
When a person has a trust and later re-marries but does NOT update his trust, the new spouse (your step-mom) is legally referred to as an "omitted spouse" because she is not included in the trust. Omitted spouses have legal rights to their deceased spouse's assets. Often these... Read more »
Originally lived in MI and moved to CA last year, not sure if there are any benefits to keeping it in MI since its an s-corp
answered on May 2, 2023
The answer to your question will depend on what industry you are in, where your corporation does business, and other factual information that is not included in your question. But, in general (which may or may not apply to your business), if someone is only doing business in California, it... Read more »
I would like to change service provider prior the expiration of the contract term. The contract doesn't have termination for convenience clause for me. And there is no breach from the other side. I just found better price for the same services. The contract is governed by the laws of... Read more »
answered on Apr 28, 2023
It’s hard for a lawyer to advise on a contract without reading it. Unfortunately, it’s a bit like saying, “I’m reading a nonfiction book about X, how will it end?” There might be ways to get out of the contract early, such as if the vendor breached the contract but, without reading your... Read more »
My parents, and two siblings are now deceased. My siblings, each, had three children. Currently I use the Living Trust account for my checking, savings and Traditional IRA. The assets were not distributed after my parents passing. I have a California State University Northridge Scholarship... Read more »
answered on Apr 27, 2023
You can do whatever you want with your assets! But it sounds like you are keeping "your" assets in your parents' trust. That is not a good idea for three reasons: (1) Trusts pay higher taxes, so you could save money by having the successor trustee of your parents' trust... Read more »
My brother never moved out, never worked. I own my home and am a seasoned real estate broker 41 years. If he kills me, what happens to estate?
answered on Apr 27, 2023
First of all, you should consider getting a restraining order against your brother and make sure you have cameras and all other security you deem is necessary to keep yourself safe. That's very important! Once you're safe, you need to get a trust. The law in California is that anyone with... Read more »
I have had problems with my uncle and his breach of trustee duties. I have never been given the full amount that my grandparents told me before they died that they would. In fact the amount i believe that he had with held is staggering. How do i go about getting a copy of their will
answered on Apr 21, 2023
It sounds like your grandparents had assets that were valued at more than $184,500 (although that is a guess.) If that is the case, your uncle should have filed an action with the Probate Court in the county where your grandparents lived. (More accurately, the county in which the last grandparent... Read more »
He does not have a will but has assets under $100k (so we will be using an affidavit of small estate)
answered on Apr 14, 2023
The person named as the Executor in the Will can open a bank account in the name of the estate. Most likely, the bank will require the Executor to go back to the person or company that issued the check and make a new check payable to the estate of that person. Then, the executor can deposit the... Read more »
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