If you are taking about income taxes, the answer will depend on whether you have any income. However, you must remember that there are MANY kinds of taxes. If your business is incorporated or a limited liability company, you must pay the minimum of $800 per year franchise tax. I assume you have a...Read more »
The lease states: “if the property is sold during the term of the lease the lease shall terminate and the lessee shall be entitled to the sum of $5000 per year for all years remaining on the lease as liquidated damages.”
If I buy the property before the lease is over does the trust owe... Read more »
You don't say with whom you have a lease. If you inherited the lease from your mom, it wouldn't make sense for your mother to lease the land from herself. If you had a lease with your mother, it is possible that you are owed that money from the trust, but a lawyer would have to read the...Read more »
A beneficiary's DPA's lawyer is asking questions/contesting about the administration of a Trust for which I am the Successor Trustee. Does the DPA or his lawyer have rights to intervene in the Trust Administration on behalf of the beneficiary?
Most likely yes, but it will depend on the language in your particular Durable Power of Attorney. Each power of attorney contains different language, so we would have to guess what yours says in order to answer your question specifically. If you are concerned about whether you are administering the...Read more »
Corporations are required by law to have annual meetings and prepare board resolutions addressing topics such as accepting government assistance. LLCs are not required by law to have these meetings or prepare resolutions, although many lawyers recommend LLCs do so anyway. The request you received...Read more »
For example, In the case of a simplified probate where the decedent only had their share of the house that they shared with two other people (including the adult child) and that share were to be passed down to the adult child via Will. Since the adult child is entitled to receive that remaining... Read more »
It depends on what fees you are taking about. If the executor's fees or administrator's fees are waived, then no one needs to pay them. But you cannot waive the fees required by the court. Those must be paid. I hope that helps!
For instance, a married couple decided to borrow a mortgage together. However, some years later one of the borrowers dies. I understand that the surviving spouse takes over the payments assuming they are still financially able to, but wouldn't part of the mortgage be part of the... Read more »
It depends. California is a community property state so, assuming the debt is a joint debt, it's likely either spouse will be required to pay the full amount due -- but it will depend on the language in the paperwork you signed when you originally received the loan. A lawyer would have to read...Read more »
Everything I read says minors can inherit property, they just won't be able to assume the loan, get a new loan, etc. By completing a TOD Deed for my house in my minor child's name AND having the UTMA Custodian for my minor child designated in my will, I am hoping to avoid probate and... Read more »
It would be much better to set up a trust and put the property into the trust. You can set any parameters you want around when and under what circumstances your child can take over the property. In short, you would have much more control using a trust. Best wishes.
If your mother has a trust that is properly drafted and she put her assets into the trust as required, then then language in the trust will control and you should avoid probate. In that case, the code section you cited will not apply. But I must say one thing: there are some areas of law that...Read more »
I am not sure if your question is "when" can you sell the home or "what can you expect" insofar as your home selling experience. I will start by saying that a Trustee must wait at least four (4) months from the date of death before the Trustee can distribute assets from a...Read more »
When the property sale goes through escrow, your sister should not be able to sign your dad's name. Even if she had a Power of Attorney, it would have become void at your dad's death, so your sister could not use that to sign his name. The proper way to transfer the assets is to go...Read more »
I was flossing and accidentally broke my filling. I used the floss as advertised. There is no warning on the flossing package of the possibility of breaking a filling. Is it worth sueing the floss company for not including a warning on their packaging to get them to put a warning on their packages?... Read more »
People all over the country floss daily without having fillings pop out, so I would say it is much more likely that the filling was loose before you flossed. But, if you chose to sue, you would end up spending many thousands of dollars more than you would just getting a new filling -- and you would...Read more »
There is nothing in the law saying which person is automatically assigned the role of Administrator. (That's the title of the role when there is no will. If there is a will, the title is Executor. If there is a trust, the title is Trustee.) Anyone can ask the Court to appoint them as...Read more »
For example, the decedent is a tenant in common with 2 other people, with 1/3 interest in the house. The house's gross market value is about $400,000, however only 1/3 of that counts towards their estate. So does their estate also include 1/3 of the equity as a separate asset in addition to... Read more »
Unfortunately, this forum is for quick answers to general high-level questions, so other readers could review and gain general information from both the question and answer. It would take a lawyer some time to read the documents and give you a specific analysis to your specific situation. Since...Read more »
You don't provide any information on the child, so it is hard to know. But, assuming the child is not married and has no kids, then the parents inherit everything -- unless the child has a trust or will, which states to whom the child wants all assets to go. [Some people would call a 19 year...Read more »
When property is transferred from one person to another, the property value is generally reassessed for property tax purposes. There are some exceptions to the reassessment rule. If the transfer you are making is exempt (such as a transfer between a husband and a wife, or when people put their own...Read more »
All i know was the house was my great grandma's and when she passed her money and house was supposed to get split between six grandchildren because her daughter had passed already. I was twelve at the time and living with my mom in the house when my aunts thought since my mom was disabled it... Read more »
To answer your questions properly, a lawyer would need to know: (1) Did your great grandmother have a trust or will; and (2) How is the house titled, i.e., joint tenancy, tenants in common, etc. Here’s why that information is important.
(A) All transfers of real estate and promises of...Read more »
I believe you are asking if your web address and user names need to match your business' name. If so, the answer is no. BUT, you are correct when you say you must make it clear that you are operating as a limited liability company, so your footer, signature, and other public information should...Read more »
My grandmother died several years ago leaving 2 houses paid for. How Is it possible for a house to still be in her name today, and with a loan on it in her name as well? The properties were inherited by her one surviving daughter who did not want either of them in her name (she had an automobile... Read more »
The answer will depend on two things: (1) whether your grandmother had a trust, a will, or neither; and (2) how the real estate was titled, i.e., joint tenants, tenancy in common, etc. If your grandmother had a trust, the trust would include the name of the "trustee," who is the person...Read more »
Most likely, but it will depend on the terms in the finance agreement. If she can sell it for more than $14,000 and pay off the balance, she just might make some money in the process! Otherwise, she should read the terms of the finance agreement and/or call the finance company to make other...Read more »
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