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We are 3 siblings/beneficiaries of our mother's trust. Our sister wants to buyout the 2 of us. Will the buyout payment each of us receive be taxable? Will either of us 2 buyout recipients be responsible for higher property tax payments if they become due prior to the sibling property transfer?
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answered on Jun 27, 2024
Based on the information provided, here's a general overview of the tax implications for a sibling buyout in California:
1. Taxability of the buyout payment:
The taxability of the buyout payment depends on several factors:
a) If the buyout is for your share of the... View More 
My uncle had a living Trust. I am the trustee. I gave the bank the Certification of Trust, and I opened a Trust account at Chase bank to pay the bills. Now that he has passed, the bank wants me to get probate court to list me as the administrator of the estate.
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answered on Jun 27, 2024
To address your question, I'll break down the key points and provide some guidance:
1. Requesting to be named administrator:
To be named as the administrator of your uncle's estate, you typically need to file a petition with the probate court in the county where your uncle... View More
Executor is not family member. Will left estate to executor but did not leave any directions for cremated remains of my sister. Executor is refusing to release remains to me, only surviving next of kin, saying the deceased entrusted her with the remains. Burial date has been set, expenses paid,... View More
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answered on Jun 26, 2024
This is a complex and sensitive situation. Based on the information provided, here's an overview of the legal considerations in California:
1. California law generally gives priority to the deceased person's written instructions regarding disposition of remains. However, in this... View More
Insurance policies that are listed on a schedule B with the intent of the settlor placing them in the trust, but settlor never did. Later he wrote a beneficiary on those insurance policies. Who do the insurance policies belong to, the beneficiaries in the irrevocable trust or the beneficiary on... View More
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answered on Jun 26, 2024
Given the complexity of this situation, it would be advisable for all parties involved to consult with an experienced estate planning attorney who can review all relevant documents and provide guidance based on the specific details of the case. The outcome could depend on the exact language used in... View More
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answered on Jun 25, 2024
I understand you're dealing with a difficult situation regarding your late father's estate. Based on the information provided, here's a general overview of how California law might apply:
1. In California, if someone dies without a will (intestate), the distribution of their... View More
My mother lives in her home, I also live there, and she has a monthly mortgage payment. She has a will and has left the house to me. When she dies will I still be able to live there.
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answered on Jun 20, 2024
To answer this question, we need to consider a few key points about California law regarding inherited property with an existing mortgage:
1. Inheritance of the property: If your mother has left the house to you in her will, you will inherit the property upon her death, assuming the will is... View More
may have had (living) trust changed. inheritance includes home in SF and Property in Texas.
answered on Jun 20, 2024
Each of the sisters have a right to a copy of the will and trust. The ability to change the trust will depend on the language contained in it. If the oldest sister refuses to provide the estate documents, the other sisters can compel the production of those documents from the oldest sister.... View More
Her son was her sole recipient of her will and trust but could not receive 100% of her benefits in direct conflict to his mothers will and Trust due to the LA county rules that say instead the money in her retirement be divided equally amongst all of her decendents in direct conflict with her... View More
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answered on Jun 19, 2024
In this situation, the conflict arises between the beneficiary designation for the LACERA (Los Angeles County Employees Retirement Association) benefits and the provisions of the deceased's will and trust. Generally, beneficiary designations on retirement accounts and pension plans supersede... View More
answered on Jun 18, 2024
Unless the title to the home is in joint tenancy with your father and you as the joint tenants, there is no way to get the property without filing a Petition in Probate Court. The filing fees alone can be between $400-$500, depending on the county. This is why I tell everyone with real restate or... View More
Land Man Attorney needed. Regarding Probate Real Estate Embezzlement of over $80 ML and counting of my deceased father's Probate Oil Companies in Oklahoma. Real Estate in New York, and in Michigan has been stolen with written WILL. And Los Angeles Real Estate in California. My father Roy... View More
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answered on Jun 17, 2024
It sounds like you need to contact an OK attorney for a Will Contest in Oklahoma, if that is where the Probate proceedings are. Will Contests are very hard to win if the execution was correct, so you need witnesses and other proof. There may be other separate quiet title actions for the... View More
The wheel stays if I can test it I get nothing I'm not contesting the will I'm just trying to make her give me what I believe the will says
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answered on Jun 14, 2024
I understand that you and your sister have different interpretations of your father's will, which is causing a disagreement. Dealing with a loved one's estate can be emotionally challenging, and it's not uncommon for family members to have conflicting views on how to interpret the... View More
Family members are occupants of the property and I need to give them notice. What is the law for giving beneficiaries notice of intent to sell property.
answered on Jun 13, 2024
As the executor or personal representative, you have the authority to sell the property to pay off the estate’s debts as long as the deceased individual did not give the real estate to a beneficiary and as long as you were granted the power of sale. The court may require an order approving the... View More
Do I have legal right when it is in the best interest of my fathers assets and property to uphold make sure the property is not run into the ground.?
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answered on Jun 13, 2024
As the trustee and executor of your father's estate in California, you have a fiduciary duty to act in the best interest of the trust and its beneficiaries. This includes managing and protecting the trust assets, such as property, to ensure they are not mismanaged or devalued.
Your... View More
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answered on Jun 9, 2024
If your friend left you her house through a trust, the tax implications depend on the type of trust and the specific terms of the trust agreement. Here are a couple of common scenarios:
1. Irrevocable trust: If the house was placed in an irrevocable trust before your friend's death,... View More
Recipient owns two properties, is over 55, and only receives regular medi-cal and no services through long term care or similar.
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answered on Jun 8, 2024
In California, Medi-Cal Estate Recovery applies to individuals who are 55 years of age or older and have received Medi-Cal benefits. However, the extent of the recovery depends on the type of services received.
For individuals who received only regular Medi-Cal services (not long-term... View More
I can close the safe deposit box. Is this true?
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answered on Jun 7, 2024
Under California law, if you are named the executor of an estate by the court, you generally have the authority to manage the decedent’s assets, including closing a safe deposit box. A small estate declaration, also known as an Affidavit for Collection of Personal Property, is typically used for... View More
my sister has admitted to intentionally dragging her feet on this case to have my brother removed because I had said I wasn’t going to help her do the inventory of the rest and residue which as a beneficiary is not my job and if we can remove my brother, she’s next in line to be trustee She is... View More
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answered on Jun 6, 2024
Under California law, if your sister is intentionally delaying the case to remove your brother as trustee, you have a few options:
1. File a motion with the court: You can file a motion with the court to compel your sister to move forward with the case. This motion would request that the... View More
Special needs. Then why am I still outside?
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answered on Jun 5, 2024
I'm sorry to hear about the difficult situation with your father's will and estate. It sounds like there may be some legal complications and disputes with your sister. Here are a few thoughts:
Under California law, the terms of a valid will generally dictate how assets are... View More
I have been appointed as executor once she can no longer manage. Does spending the estate down, then unable to pay property taxes grounds for removal as trustee of estate? She has until the end of this month (June 2024) to pay $2,770 in property tax or it will fall into default. The property is... View More
answered on Jun 2, 2024
I usually describe the succession of executors and trustees like a baseball team. The person up to bat right now is your loved one who owns the property and is the executor (if they have a Will) or trustee (if they have a Trust). You and the other “back up” executors or trustees are waiting in... View More
The sales of my late Father's vehicles are set up to automatically go back into the estate trust. The beneficiary has not filed the slips with the attorney. Is there a a statute of limitations to declare the purchase price of the vehicles sold
answered on May 31, 2024
I never expect people will know legal terminology, which is why I always try to speak in plain English except where absolutely necessary to use legalese. So, it isn’t a problem, but I believe you mean either administrator, executor or trustee rather than “beneficiary”.... View More
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