There is a requirement to report gifts more than $15,000 per year on form 709.
The tax will be levied only if at the time of death, the combination of all lifetime gifts and donor's decedent estate, exceeds the the gift and estate tax exemption, then in effect, currently $11.58...Read more »
I anticipate issues with my siblings over my parents' estate, specifically one of them influencing my mother to change their will to exclude me if my father predeceases her. But if the will were to be read after he passed away (if he were to pass first) at least we would know his intentions... Read more »
Most modern estate plans use a trust instead of will to transfer assets at death.
Jonathan Purcell is a California Attorney. This posting does not create any attorney-client relationship. The information presented here is general in nature and is not intended nor should be construed as...Read more »
The lawyer put himself as executor before heirs. Now they want to make an heir their executor. Also in their trust the lawyer is listed as a trustee. Do they need 3 separate codicils? One each for their wills and another for the trust? They don't want to spend money to do it all again.
And will and tell me if i can go ahead and sell the propertys my brother will not move out of the florida home. Our morher passed 8/26/2019 my brother wanted to fix up the house,but now conpkains of going in delt, and is harrassing me and my children. Do i have a right to just sell both propertys... Read more »
My two sisters and I have agreed I will buy their interest in the home. My sister who is the trustee demands I pay the entire existing mortgage or she will not sign the deed. The trust terms are the home is divided equally one third each. Can my sister alter the terms, threaten to not sign the deed... Read more »
There are private investors who provide liquidity to estates for exactly this situation. They provide funding to allay your Sister's apprehension, and should also provide guidance in preserving the historical property tax.
Jonathan Purcell is a California Attorney. This posting does...Read more »
The city came in and condemn the home due to tampering with PG&e and they said they were condemning the home due to insufficient lighting but yet they want $7,000 for the bill on PG&e that I don't have and I'm not going to pay what can happen to my home due to not paying
My father passed away and left no will. He and my mother were divorced, and he lived with another woman for 18 years unmarried. There are a few small things I would like to have as keepsakes, and his vehicle was in his name alone. As his blood relative am I entitled to these few things? or is... Read more »
In general a transfer of property between an entity (such as an LLC), to one or more individuals will trigger a change in ownership and a reassessment of property tax. An exclusion provides that transfers between individuals and entities in which the proportional ownership is unchanged are not...Read more »
My mom relocated to a managed care facility last year. If I purchase the home she lived in for 50 yrs, will I be excluded from reassessment of the property and be able to continue getting the prop 13 tax advantages and if so, does it need to be my primary residence?
Grandmother left will and testament with me her grandson put me on her bank accounts and retirements accounts. My uncle swooped in when she was diagnosed with terminal cancer and took her the same day she was diagnosed to get a will done. What should I do and what are my rights to the things she... Read more »
In general, assets that are in the form of beneficiary designations through banks and investment firms do not pass through a will or testamentary trust. You will present your ID and a certified death certificate at the financial institutions that hold the accounts.
My mom has 6 rental homes. She just died. It appears to be a 50/50 split, with her trust and my father's who died in 1971. Trusts list me and my 3 brothers as beneficiaries. The properties are to be sold. I have heard the capital gains tax will be 33% or more.
The surviving joint tenant(s) file(s) an "Affidavit of Death - Joint Tenant", along with a death certificate, and a "Preliminary Change of Ownership Report" (PCOR), as well as paying a filing fee. Decedent's share is distributed the remaining joint tenant(s) on the deed.
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