Need to determine if distributions to a beneficiary of an IDGT would turn off grantor trust status and cause a portion the income for that year to be taxed to the beneficiary rather than the grantor.
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answered on Nov 28, 2023
Typically it is the other way around. That is, income is taxed to the grantor rather than the beneficiary. This is actually considered a feature rather than a bug. But not all IDGTs are created equal. The only way to know for certain with respect to any given IDGT is for an attorney to review... View More 
I am second backup if sister step down etc. Her n my brother are using poa to defraud assets of estate
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answered on Nov 20, 2023
You probably need to hire an attorney to petition the court to appoint you as conservator over the person they are looting. Then as conservator you can sue them for return of the stolen assets. Fair warning: This kind of litigation can be quite expensive, but if you prove your case usually the... View More
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answered on Nov 13, 2023
It sounds like daughter has changed her name. None of the documents you mentioned need to be mentioned solely for that reason. When the time comes she can easily prove she is the same person as the one named in those documents.
But if you have other changes then best to replace them all... View More
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answered on Nov 8, 2023
Funds coming out of a traditional (non-Roth) IRA or 401k are taxable whether taken out during life or when withdrawn after death. If all of your beneficiaries are natural persons then they will be required to make withdrawals from the traditional/taxable IRAs that you leave to them on a specified... View More
Grandma lists My mom, both my aunts, and myself and two sisters as beneficiaries of “the irrevocable family trust” but under distribution of funds it only says my sisters and I and my aunts. It doesn’t mention my mother. My aunts are trying to say she was cut out of the will but if that’s... View More
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answered on Nov 8, 2023
This forum is meant for obtaining answers to questions of a general nature. You are asking for very specific advice about a particular set of circumstances. There is no attorney in this forum that will be able to answer your question without reviewing the trust instrument itself, at a minimum.... View More
I got a letter today from Medicare for signing to see if she owned on any bills since she was in nursing home since 2020 and a copy of death certificate. I have profound hearing loss was on a disability check until I got married in 2020. My dad and her signed property over to me in 2016. Only thing... View More
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answered on Nov 6, 2023
It is very uncommon for any living individual to be personally liable for the debts of a deceased person. However, the creditors of a decedent may make claims against the decedent’s estate.
It is extremely uncommon, also, for a decedent to owe money to Medicare. More likely, Medicare... View More
As one slowly recovers from hard economic times (including the filing of a CH7 bankruptcy), which was discharged in 2019, one's personal credit history often takes much longer to recover. Things stay on their credit record long after the person has been declared "debt free,"... View More
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answered on Oct 30, 2023
There is such a thing as a self-settled spendthrift or asset protection trust, but many states do not allow them. Also, typically the settlor (you) cannot also serve as trustee of the trust. In other words, you would not have signature authority over the assets that you put in the trust. And,... View More
When my parents divorced, they agreed to leave the house in both of their names. When one dies it is left to the ex-spouse and when they both die, it is divided among the kids. Both remarried. My father passed without a will. They did not have any other documentation, such as Right to Survivorship... View More
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answered on Oct 14, 2023
Because your father passed without a will, his estate will be administered under the laws of intestate succession. That does give his new wife very high priority. However, your mother, who I assume survived him, should be able to make a claim against the estate for the house based on the divorce... View More
Dad has Dementia. Im his daughter, POA, lived, cared for him for 2 years by myself until he fell. He has a living will, trust,etc. In the VA Hospital for 1 year. "Now, It's my fault dad will not get the waiver for assisted living because I failed to supply a list of items on time, I WILL... View More
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answered on Sep 28, 2023
Your perspective on this may or may not be skewed. One way to find out would be to obtain a second opinion from another attorney. This forum is not a way of obtaining a second opinion. For that you would need to consult an individual attorney and provide ALL of the background information and... View More
Car w/o my knowledge or consent. From my research since there is no will beneficiaries pass probate and become owner of her property. True or not?
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answered on Sep 16, 2023
Ownership of decedent’s property does not pass automatically. Some kind of legal process is required. In your case it is possible that you can use a small estate affidavit to pass title to all assets to the heirs at law. If your mom was single when she died and survived by two living children and... View More
My parents were told they have to make two living wills separately even though they are married. We are three children in total, one of which is my mothers child from a previous marriage. Both my parent's name are in the house documentation.
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answered on Sep 5, 2023
A "living will" is an advance directive that expresses one's wishes with respect to end of life medical decisions. My guess is what you meant to write was "last will and testament" or simply "will". It is very uncommon for a married couple to make a joint will... View More
My grandpa from Texas passed a year ago. I am the sole beneficiary, but my great aunt was listed as the executor. I am in California and she is in Michigan. I wanted to put myself as executor. A friend of my grandpa’s in Texas misunderstood this and put herself as executor.
My grandpa had... View More
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answered on Aug 28, 2023
When an item of tangible personal property (such as an RV) that secures a loan is repossessed because the loan is in default, the lender typically auctions the repossessed item and applies the proceeds to the balance due on the loan. Typically the proceeds are not sufficient to pay the balance... View More
She has a Will, my stepbrother is the executor. The policy was not mentioned at all in the Will.
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answered on Aug 28, 2023
If you are the named beneficiary of the AD&D policy, then the proceeds are payable directly to you, bypassing the probate estate. The check should be made payable to you and then you deposit the check into your personal bank account. You make a claim by calling the company and letting them... View More
My Brother is currently in hospice and his minor child will be eligible for SS Survivor Benefits after he passes. We wish to protect these benefits from the minor child's mother who has a history of not having minor child's best interests in mind when it comes to the support she has... View More
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answered on Aug 23, 2023
Social Security pays children's benefits to a representative payee, an adult who is deemed responsible for handling the monthly payments. A representative payee may be a parent, relative, guardian or friend of the family. Social Security requires the payee to file an annual report of how the... View More
The house has not been paid off as yet
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answered on Aug 16, 2023
Yes, you can transfer your property to your trust. All that is required to effect the transfer is a deed.
The real question is what are the consequences if/when your lender finds out. The answer to that question depends on whether the property is residential or non-residential and whether... View More
Life insurance policy on my late finance , death certificate said we were married even through we were not. Papers asking if he was married at time of death What should his mother and I do he did not have a will or beneficiary
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answered on Aug 16, 2023
You definitely shouldn't lie, but if the life insurance policy names you as the beneficiary, it does not matter. If the life insurance does not have a beneficiary, then it matters a lot. There might need to be a probate to determine the proper distribution of the life insurance if no death... View More
My aunt and I are co owners on our inherited family home. I received my 50% about 8 years after my mother's death via simple probate here in Sacramento, California. My aunt had no children and when either of us die we told the title company which helped us sell the acerage that we wanted that... View More
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answered on Aug 14, 2023
It is possible for the two of you to sign a deed transferring the property to yourselves as joint tenants with right of survivorship. When one of you dies, the other becomes the sole owner. Keep in mind, however, that this can backfire. If YOU die first, then your aunt will become the sole... View More
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answered on Aug 13, 2023
Your question is more complicated than you realize. It cannot be answered without a lot more facts. It depends on whether the estate was ever probated and what has occurred with respect to the property you have in mind since the date of death. My best advice is to schedule a consultation with a... View More
Mortgage paid and small savings to go to son. Easiest and least costly way for him to inherited. Please advise. Thank you
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answered on Aug 3, 2023
You could transfer your bank accounts to your son at your death using beneficiary designations, and you could transfer your real estate to him at your death using a transfer on death deed. That does not necessarily mean that those are the very best options for you. They do not provide any... View More
Is this still true if the trust has not been funded?
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answered on Jul 30, 2023
If the trust is unfunded, then all of the decedent’s assets that do not have beneficiary designations become part of the decedent’s probate estate and, having no will, the decedent’s estate will be governed by the laws of intestate succession.
This demonstrates a classic estate... View More
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