The Amendment was done about 7 years after the original Trust by a different lawyer. It was a change to my beneficiaries. Now I want to reverse that. Do I need to see a lawyer or can I simply tear up the Amendment so that the original stands as is?
I agree with my colleague that you should do what is called a restatement of your original trust, particularly when there have been major changes in beneficiaries between the original and the amendment. Those beneficiaries in the amendment could otherwise try to make claims that the Amendment was... Read more »
If you have an elderly family member who gave his child power of attorney to assist them with their financial affairs and you discover the person who has power of attorney has stolen the elderly family members money. The thief also drew up a will a few years prior. Now that its discovered the... Read more »
You should contact an elder law attorney to immediately prepare and serve a revocation of the power of attorney. That attorney will also explore a possible financial elder abuse claim. I would not suggest you try to do the new power of attorney yourself as it's not likely the financial... Read more »
Husband died in 11/2020. Couple had a Rev Living Trust (AB Trust). I understand all estates will get a Step-up in basis as of spouse's death date.
If wife sells the house in 2021, can she get the Step-Up in basis rule for the entire house?
Someone was saying only the 50% (B... Read more »
Any part of the house funded into the B Trust will not get a step-up in basis. Depending upon many circumstances, many people are deciding they do not want a bypass trust, and often times, it is not necessary. You should speak to a trust administration attorney for more advice as it may be... Read more »
Will a ProBono Attorney, close my Estate after I pass. My total assets are under $14,000.00 year.
You need to take at least some minimum steps to make sure no estate administration is required. For every bank account, make sure you have designated a pay-on-death beneficiary and make sure that person knows they are the beneficiary. Following your death, that person can bring in a copy of your... Read more »
If the estate is less than $166,250, you can submit a Small Estate Affidavit. This is the form: https://www.courts.ca.gov/documents/Affidavit_personal_property.pdf
My attorney helped me filed a probate petition in Santa Barbara County, California. I am in the process to prepare a schedule of assets and debts for inventory and appraisal phase of the probate case. 1. Should I list non-probate assets such as my dad's 403(b) plan and his individual... Read more »
What struck me as unusual about your question is that you mention that you have an attorney, but it doesn't seem that you are receiving much guidance from him/her. I note that you are from Texas, so I'm wondering if perhaps an attorney friend there assisted you to file the Probate... Read more »
Onset of dementia. She wishes to protect her home, inherited from my grandparents. Who purchased it for her and I in 1972. In Ca can she legally exclude him from her will or trust? How would she go about this?
Your question crosses over into both family law and estate planning. Your mother's interest in that property would be her own separate property that she is typically allowed to pass to anyone she chooses. There are occasions, however, when the other spouse may gain a community property... Read more »
While it's possible the trustee may have the power to control the circumstances, timing, and amount of any trust distributions, it's not likely the trustee can change the provisions of the trust. There are times, for example, when a beneficiary may have a substance abuse issue. In those... Read more »
My father owns a house outright in California. I am the only child, and the house is in trust to be inherited down to me. My mother passed 2 years ago. If I in turn sell the house after my dad passes, do I get hit with capital gains tax?
When your mother passed two years ago, the property received a "step-up" in basis to market value at that time. When your father dies, the property will get a second step-up in basis to the then market value. This assumes the property was community property and that the trust did not... Read more »
He died about 10 years after and I was told (while he was alive) that in their trust he specified that I receive $350,000. I believe my two children are also named for $175,000 each. He has been gone about 2 years now and his wife will NOT talk about the trust. I do not have a copy of the trust... Read more »
I see you are in Glendale, AZ, but am assuming your father had resided in California. I'm answering your question based on California law. You have an absolute right to see a copy of the trust, even if somehow you were disinherited from it. An attorney would send a demand letter and if she... Read more »
My mother passed away and made her partner of 15 years and me, co-trustees. Her partner is allowed to occupy the house for 5 years, then the home and most of the contents pass to me. Her partner has not allowed me to visit the property and refuses to communicate about the actual maintenance of... Read more »
Most trusts that allow a right of occupancy for a period of years will specify in great detail exactly what the respective duties, rights, and responsibilities are for both the occupant (your co-trustee) and the ultimate beneficiary (you). Typically, these rights of occupancy grant the ultimate... Read more »
I submitted the California Small Estate Affidavit to PayPal with a notary attachment. However, the check was made out in my deceased relative's name only. Which is not how other checks have been made out.
Two banks that I do business with, including Wells Fargo, have declined to... Read more »
If you are the successor trustee of the deceased's trust or administrator of the probate estate AND you have opened a bank account in the name of the trust or estate, you should be able to deposit it into that account. If the total assets are less than $166,250, your relative died this year... Read more »
There may be relatively simple ways to fix this issue. I'm assuming your father has passed away? Depending upon when he died and the amount in the account, you may be able to use a small estate affidavit to transfer to the trust. These forms are available on the Internet, but I would be... Read more »
My father still has a small mortgage on the home. He already has a Will and Durable POA. He is interested in creating a mechanism such as a living trust by which his home and minivan can be transferred to me as his sole heir without the necessity of the property going through probate. His Will... Read more »
You need to seek the advice of an Arizona attorney where the Medicaid rules are very different from California's Medi-Cal rules. The probate rules are also very different.
I'm executor of my father's estate. The funds will be divided among 6 siblings, about $6000 each. One brother is on SSI, SSDI, and Medicaid, in Vermont. If he inherits $6000, he is in danger of losing his Medicaid until he spends $4000. Losing his Medicaid could cost him a lot more than... Read more »
This is a question that needs to be answered by an attorney licensed in Vermont and familiar with its Medicaid rules and regulations as every state is different. There are likely ways he can spend that amount of money down without interrupting his SSI/MEDICAID benefits and/or can create an ABLE... Read more »
My parents both passed away within 1 week of each other. There is a will saying I inherit everything. They own outright a trailer and a truck and have a bank account (less than $20k worth). No real estate or other assets and no outstanding credit. Do I need to file a small estate affidavit if I... Read more »
My condolences for your very tragic losses. If your parents died in 2020, the small estate limit is $166,250 so if the total of their assets is less than that, a small estate affidavit should be all that you need. You will need certified copies of the death certificates and you must wait at least... Read more »
There is a trust and everything gets divided equally between me and 2 brothers, one of whom does not live in the house. The reverse mortgage company knows we have it listed & are trying to sell it. But we were told we couldn't stay there by some people and then others said because of... Read more »
Whether or not you can live in the house will depend upon a number of factors. If there's a trust that leaves the proceeds of the house solely to you and you are the sole trustee, then likely it's OK. It becomes more complicated if there are other heirs not living in the house. In that... Read more »
And his money market fund this lady I think she work for well Fargo bank the same bank my dad has
If you suspect this woman is unduly influencing your father and/or is taking advantage of him financially, you should immediately contact Adult Protective Services. More information here: https://www.cityofmontclair.org/city-government/police-department/victim-information/elder-abuse
They told me when there in person I did not need to. I am now reading that’s not true and I needed to file it within 30 days. One of his children of my aunt has filed for probate to be executor of estate, She knows I have his last will and testament but is ignoring it. The home is in process to... Read more »
If the property was solely in your grandfather's name, then the only way it can pass to anyone is through a probate action. If you are in possession of your grandfather's original will, it is your responsibility to "lodge" it with the Santa Clara County Clerk within 30 days. I... Read more »
I've never heard of a "Bixby Trust" although there is a 1949 California Supreme Court case regarding spendthrift trusts in which the plaintiff's name was Bixby. See it here: https://caselaw.findlaw.com/ca-supreme-court/1796531.html
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