Obviously, the place to start is with whatever contract, operating agreement (LLC), partnership agreement or shareholder agreement (corporation) you may have. These documents frequently make reference to a "fiduciary" duty which covers such situations.
But I have several other concerns. For example, is the partner using the same tax id number? If so, this could cause problems when it comes time to file...
Reece B. Morrel Jr's answer According to the IRS, you can claim someone as a dependent if you provide for more than half of their support. But, this rule can be modified if there is a divorce decree or some other governing document.
Assuming that you meet the requirements, I should warn you that it gets more complicated the 2018 tax year. We no longer keep track of how many personal exemptions we get for each person (i.e. the taxpayer, spouse, and dependents). This got changed in December 2017.
Reece B. Morrel Jr's answer Congratulations, you have landed on a real "hot-button" topic - especially when Oklahoma is suffering from a budget crisis.
To be honest, I really need more facts to be able to advise you properly.
But let me give you something to consider. The statute-of-limitations starts to run when the tax return is filed. If a return is never filed, the statute-of-limitations never starts. So, if no return has been filed then the state of Oklahoma can assess tax, interest, penalties...
Ultimately, it does depend on how much her dementia impacts her ability to understand what is going on.
Some people may not be able to drive, but can still understand what is going on around them. I have some clients that suffer from "Sundowner's Syndrome" - they do great in the morning but by late afternoon they start to fade. So, we meet in the morning instead of the afternoon....
Reece B. Morrel Jr's answer Good question. In all fairness, the value of your estate should not be the primary motivator for hiring an estate planning attorney.
A proper estate plan will describe what actions need to take place to take care of you (your actual physical person) and your property. This "pre-paid" plan then describe what actions should be taken in case you are not able to properly communicate with anyone.
For example, are you unconscious or in a coma while in the hospital? Your Living Will...
Reece B. Morrel Jr's answer The quick answer to your question is that the probate process is a very technical area of the law, and an easily overlooked "mistake" could prove to be very costly and detrimental to your position.
Don't worry about the lions, and tigers, and bears that you hear coming. Worry about the lions, and tigers, and bears that you DON'T HEAR COMING! Those are the ones that will bite you!
Reece B. Morrel Jr's answer I have worked on several of these cases in the past. Usually, the Judges do a fairly good job of making their instructions clear. If not, the Judge gets to see the case again. Not something they are anxious to do.
If it is not clear, I would have your wife's lawyer contact the ex-husband's lawyer to 1.) clarify or 2.) agree to a schedule. If the ex-husband fails to cooperate and insists on claiming the son every year, then it may be worthwhile to have a conversation with your wife's...
Reece B. Morrel Jr's answer Yes, there are other steps you need to take. I DO NOT recommend the use of a will to transfer a business because it may take to long to complete the necessary steps.
There are several methods that can be used to transfer your Dad's property interest in his business to you.
However, it is not possible to make a recommendation without knowing the type of property your Dad owns. Common types of property include real estate, stock, personal property, partnership interests, etc....
Reece B. Morrel Jr's answer One of the main reasons why a person prepares a "Living Trust" is to avoid the need to probate a will. Consequently, you may not need to submit anything to the Probate Court.
However, if your Dad owned property that was not owned by the "Living Trust", then you will need to file a Petition in Probate Court and attach a copy of the will. The Probate process will allow you to properly transfer the property to the heirs named in the will.
Reece B. Morrel Jr's answer You probably should consult with an attorney on this one. Your specific case will be very "fact-intensive."
In order to sign a contract, you must have "legal capacity." If your grandmother did not have legal capacity (due to Alzheimer's), the next question to ask is whether or not the nursing home knew or should have known that she did not have legal capacity.
By the way, on it's face, there is nothing wrong about having an arbitration clause - they are very common and are...
Reece B. Morrel Jr's answer In traditional estate planning, we are concerned with 2 major areas. The first is the "health" of the client, and the "second" is the property of the client.
When dealing with the "health" of the client, we are concerned about 2 time periods. The first time period deals with "maintenance" i.e. doctor appointments, prescription refills, hearing aids, etc. The second time period deals with "end-of-life" care and decisions.
Part of the problem is that you have several agencies - both federal and state - with overlapping jurisdiction.
In Oklahoma, you have the IRS, the OTC and the OESC just to name a few.
Not only that, but a decision by the IRS is not binding on the OTC and OESC, and vice versa. In other words, there is not a central agency that gets to make the decision, and make the decision binding on everyone else....
If you do not have any estate planning documents such as a will or trust, then a Probate Court will follow the Oklahoma statutes as to how you property is distributed to your heirs - which can include your children.
YOU are able to override these "default" settings with properly prepared estate planning documents (will, trust, etc.).
In order to specifically address your questions and concerns, you should contact a lawyer for...
The usual age of eligibility is 65 years old. However, Medicare is available to those that have been eligible for Social Security disability benefits for at least 24 months or who have end-stage renal disease.
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