man has also passed leaving a wife. Her name is not on the warranty deed but she has agreed to sign property over to me. How can this be done easily? Also there is a lien in my father's name against property.
answered on Nov 17, 2020
Well it can be done but probably not easily. The wife is actually making a gift to you since it is her property to deal with as she wishes. A deed would transfer the property back to you and there would have to be a release of the lien. You should get with a real estate attorney who can... View More 
answered on Nov 17, 2020
You will have a taxable gain based on the sales proceeds less your basis in the property. If the property was subject to depreciation, then you would have "recapture" income. This recapture income would be taxed as ordinary income and not as capital gain income. Any amount of gain in... View More
My house is somehow in her trust I am going to lose everything
answered on Nov 17, 2020
It is hard to tell what is really going on here. If you are living in a house that is owned by the trust, then you could face eviction if the trust does not allow you to live there and the trustee believes it is in the best interest of all concerned to sell the house. If you a beneficiary of the... View More
Our dad passed recently, the brother who is the executor has taken assets without the other siblings consent and sold them or is keeping them and not returning them. He is not following what is supposed to be done. We need to know what we should do, tried talking to him but he ignores us and is... View More
answered on Nov 17, 2020
You need to immediately retain an estate litigation attorney to bring an action for his immediate removal for breach of his fiduciary duty as executor and for him to make a complete accounting. A surcharge action needs to brought against him for losses that the estate has incurred by him stealing... View More
Trust was made in 2006. My father passed in 2017 and my mother is still alive. I understand that the house is now owned by the trust. But after my mother passes and I put the house in my name will the taxes on the house go up or will I pay the rate at which my parents were paying.
Not... View More
answered on Nov 17, 2020
You did not ask a question more important than local real estate taxes. The real question here is what is your basis in the house when you receive it. If the house is in trust and it was a revocable trust, then at your dad's death, his part of the real estate would get a step up in basis to... View More
We were in the process of setting up a trust for my sick mother when she suddenly became so sick (the day of hoping to sign in fact). Hindered by getting a notary public because of Covid, is there anything we can do?
answered on Nov 16, 2020
Sadly, if the document is not signed it has no legal impact on the estate. If she died with a prior will and trust then that would be controlling. If there is no will or trust signed, dated, witnessed and notarized, then she died intestate. The rules of intestate succession in the state where... View More
answered on Nov 15, 2020
If they are suffering from dementia it probably indicates lack of testamentary capacity. However, if that person has periods of lucidity that indicates the ability to do estate planning, then the document may be valid. You need to get with an estates attorney in the area where the person in... View More
So what happens next since everything is still in both their names what does that mean for his children
answered on Nov 15, 2020
If I understand you correctly, your step mom did not probate the will because everything was held jointly. If this is the case then all assets are now hers by operation of law. You and your children have no right to any of those assets. She is free to dispose of them in any way she chooses. She... View More
Was planning on purchasing the home but wanted to figure this out first. Would it be possible for grandma to transfer deed to dad, then dad to me, all at the same time to avoid reassessment? Would I then be able to cash-out refi to pay grandma the amount I would have paid for the home?
The... View More
answered on Nov 17, 2020
This may not be a good idea. If you obtain the real estate by gift you do not get a step up in basis to the date of death value of the real estate. As a result, the best course of action would be for your grandmother to transfer the property to you via her will. This is a very common mistake... View More
From her annuity leaving me and my sister Do I have the power as POA to remove individuals requested by my mother She could not sign the papers herself changing beneficiary because of the coronavirus which she died from And because access to her was restricted she gave me power of attorney to take... View More
answered on Nov 15, 2020
If you have not had any luck with the insurance company, your next step is to hire an estate attorney to talk to their legal department. If that does not help, then the insurance company will file most likely file an "interpleader" and turn the proceeds over to the court, to have them... View More
Eldest child 30 yr long criminal h/o not involved in family started coming around. Slowly manipulated mother english only spoken reading minimal. Began causing conflict against the youngest. Identity theft other crime reason father clear to keep eldest away knew she would steal money if gained... View More
answered on Nov 15, 2020
If you do not have a statute of limitations problem since this case goes back to 2017, you must immediately retain an estate litigation attorney. A general legal Q&A forum like this one cannot give you the help you need.
The second my dad died, my aunt started asking about a will. My mom, my dads accountant and my aunt agreed to meet in the morning and go through my dad's office together. The next day at 7am my aunt was already at the office tearing it apart in search of a will.
My aunt ended up... View More
answered on Nov 15, 2020
If you suspect foul play then you need to immediately retain an estate litigation attorney to discuss all details of this case. The other thing you should do is check with the attorney that wrote the old will to see if he updated it. If that yields nothing, then see if you can determine who his... View More
Hello,
Income I made from 1992 to 1994 was not recorded even if I filed my taxes for those years. I contacted my ex-employer and they gave me a confirm letter with my salaries for the years I worked, but the letter is not considered as proof by the social security office. I just dont know... View More
answered on Nov 15, 2020
If you have copies of your tax returns for those years, I would call the social security administration to see if they could update their records accordingly. If they cannot do it, then this gets to be a harder task. You could contact the IRS (good luck with that these days with their limited... View More
I already gave my daughter her inheritance of 50 acres. My son gets the family house and 10 acres. My daughter is questioning whether he gets the contents of the house and vehicles and such. I want to add onto my will that my son gets all that.
answered on Nov 15, 2020
Either a codicil or a newly drafted will can accomplish your goals. A new will is always cleaner and it is only one document. If you have a will and a codicil, then both are submitted to probate.
One side bar issue: You say you already gifted 50 acres to your daughter. You should be... View More
15401. (a) A trust that is revocable by the settlor or any other person may be revoked in whole or in part by any of the following methods:
(1) By compliance with any method of revocation provided in the trust instrument.
(2) By a writing, other than a will, signed by the settlor or... View More
answered on Nov 17, 2020
Generally, revocable trusts become irrevocable at the moment of the death of the grantor/settlor of this trust. However, if there is something in the trust that allows for modifications but maybe not an amendment, a close reading by a trained estate attorney would be prudent here. Perhaps you are... View More
At 80, I am in the process donating several hundred American and European prints and a like number of Japanese woodblock prints, ranging in value from $100 to $12,000 each. Most are classified as "promised gifts" and are with the intended recipient, a 501(c) (3) tax-exempt, fully... View More
answered on Nov 17, 2020
Usually in these cases, the recipient organization will provide a qualified appraiser. It would be surprising if they will not do this. This would save the costs to have these items appraised.
As to the 30%, yes that is the limit for capital gain type of property donated. There is an... View More
Person A and B are tenants in common in a property that is valued at $1,000,000 and has a basis of $200,000.
Their mother dies leaving them $2,000,000 in a trust to be distributed equally.
Person A disclaims $500,000 of his inheritance from the trust.
Person B signs a... View More
answered on Nov 17, 2020
Attorney Oakley cover the gift tax implications expertly. However, if you do a disclaimer, it is as if you died and the assets goes to your children and not to a non-related party. Your disclaimer may not work here as you plan.
Additionally, if A and B are not related, you may be entering... View More
My widowed elderly father and I live together in his house. He isn't doing well healthwise. Without going into detail, he will be seeing a lawyer to transfer the house to me. Ownership will go from 100% in his name to 100% in my name.
After the transfer, I will be in the unusual... View More
answered on Nov 18, 2020
If you own the property the rental income is your income. If you decide to pay this income to your dad that is a gift to him. You must pay report the rental income on your tax return. You will also lose the step up in basis tax advantage if you transfer this property from dad to you while he is... View More
His children don't want anything to do with the funds since they would have to pay for a succession. He raised me for 15 years and contributed to my care as well as I did his later on. Is there anything I could do to rightfully claim this property? I have notified all heirs and none want to... View More
answered on Nov 19, 2020
The pension would now be now part of your mother's estate if she survived your step-father. If there is a will then the will would control who gets the pension monies. If not, then the laws of intestacy of the state where your mom died would control. You could have the estate probated and... View More
If he transfer deed now. Will he need to redo his will, which states his estate is shared among his seven children?
answered on Nov 15, 2020
Transferring assets during lifetime can result in some adverse tax results. When a person dies they get a step up in basis the date of death. What that means is that when the estate or beneficiary who receives the asset dies they minimize the capital gain tax they would normally have to pay. But... View More
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