This is a Connecticut Probate question. The deceased was not very good at finances, and did not put their money into good financial instruments for the family. So there are a couple million dollars sitting locked in various sub-0.5% interest-bearing money-market funds. Once the Court appoints a... View More
Investing the funds in CD's may be a good idea, but you have to keep in mind that the estate may need some liquidity to pay ongoing or other expenses. Also, you should consider rolling maturity dates, say some 3 month CD's, some 6 month CD's and some 9 month CD's. This way you...View More
Parents died within 3 months apart. First attorneys are suspended for using inheritance on the stock market. Never sent me any paperwork either. Now the current attorney has not sent me any paperwork either. Big money involved. She also has not sent me any paperwork. No copy of will no itemized... View More
Since you are in Alaska, I would recommend contacting the Probate Court and asking for copies of the entire Probate File be sent to you. Or hire a CT attorney to look into to it and advise what should be done, if anything.
If the account is under $40,000 then you can file with the probate court in the district where he lived a simplified estate intestate. Intestate means the estate passes by statute instead of a will. The statute explains who in the bloodline will inherit.
Lawyer for Trustee, took possession of funds from Buyers' of Trust real estate in name as Trustee. Deposited the funds that were property of the Irrevocable Trust, into lawyer's IOLTA account, then disbursed funds from IOLTA account to Trust beneficiaries to settle and close the Trust.
Why are you concerned about the IRS? If you are beneficiary, the trust distributions should have already had tax paid on them before you got the property. You are not the fiduciary or trustee. The execution of a trust can occur in many ways, and it sounds like it was simply rendered...View More
Mother passed and left various small things to a few people in the will (TV, Furniture, land, etc). After the list of specific items, there is a paragraph that states "I give, devise, and bequeath all the rest, residue and remainder of my property and estate, both real and personal, of... View More
Yes. You and your brother are the named beneficiaries of what is called the "residuary estate." After all expenses of probate, and after any claims against the estate are paid, the two of you will split the remainder. Near the end of the the probate process, the executor will need to...View More
My brother who had power of attorney and signs on my Dad's accounts prior to his death "just so happened" to be the sole beneficiary on both "passbook savings" accounts, checking accounts. He already distributed that money prior to first scheduled probate hearing without my... View More
It is difficult to get a probate court to exercise jurisdiction over accounts passing by way of beneficiary designation. Such assets are technically "non-probate" assets. A separate action can, however, be brought in Superior Court for undue influence or lack of capacity in transferring...View More
I had a malpractice suit against the doctor when I was a minor. Judge reward money for me and because I was a minor my mom had it. My mom has been secretly using my settlement money since I was a minor and still using it. I am an adult, and I am not under guardianship, but mom tells me I can't... View More
Under CT law, a minor who receives a settlement must have the funds deposited in a restricted account administered by the Probate Court. Your mother cannot withdraw money unless she gets an order approving the withdrawal from the Court. In another words, she would have to apply for permission to...View More
Probably. Assuming the person from whom your mother will inherit has already died, and it is just a matter of administering the estate of that person, if your mother's will says that her estate goes to you, the money she will inherit will be part of your mother's estate and will pass to...View More
There is too little information here to determine a answer. We would need to know whether the decedent cancelled his insurance policy or otherwise amended it to exclude the asker as a beneficiary. We also do not know what the divorce judgment says as to whether the decedent had to maintain an...View More
I have a 1st-party, irrevocable Special Needs Trust. Recently, my personal injury attorney settled on a case, but he says the American Bar Association prohibits him from making my part of the settlement -not the money owed to his firm or the medical professionals who treated me-- to the trust. I... View More
It sounds like YOU (not your trust) was the plaintiff/injured party in the case. Therefore, YOU are the one settling with the defendant's insurance company. Therefore, the settlement is payable to YOU, not your trust. After you deposit the check, you can then write another check to your...View More
I am my father's power of attorney, healthcare representative, and conservator of his estate. He has decided to withdraw life support measures and will go into hospice with a life expectancy of about a week. He had to spend down assets to qualify for Medicaid and could not provide much for... View More
In most states, the ability of an agent under a power of attorney to make gifts on behalf of the principal is a "hot power", meaning it is not covered by general language in a POA. It must be specifically stated. Look for specific authority in the POA to make gifts and see if there are...View More
This has been going on for at least 7 years, the biggest issue is him asking for “help” buying a house because he had/has terrible credit, no money and knew he couldn’t get a mortgage. So, the home is in her name only, she withdrew $50-60k from her IRA to cover the down pymt, closing,etc.and... View More
I didn't think so but then I came across this Thompson Reuters doc https://www.cl-law.com/uploads/Revocable-Trusts-Connecticut-w-010-5933.pdf (written by CT lawyers) that says that a revocable trust does need to be witnessed in CT if it "conveys real property (Conn. Gen. Stat. Ann. §... View More
Very often after a revocable trust is created (or at the same time) the grantor who sets up the trust will transfer his or her house to the trust via a deed. It is unusual, very unusual, for the trust itself to convey real property.
So assuming you follow the procedure of setting up the...View More
From the brief facts described, you will need to file an application with the probate court in the state of domicile. There are a few different forms that may need to be filed depending on your circumstances and how the assets were titled. Some assets may have a beneficiary already listed, or may...View More
You should be all set. Just make sure you understand that the initial powers, usually on the first page, are all included unless you cross them out, but the optional estate planning powers are not included unless you initial next to them to add them in.
My father was unexpectedly admitted to a skilled nursing facility after falling ill last year. He will need to remain their for the long term and we are now going through the Medicaid application as Medicare has stopped coverage for this service. We will have to spend down some of his money to... View More
It depends on the state. Every state has different eligibility requirements. Usually the items that you mentioned would not be considered assets for Medicaid eligibility. The administrators of the skilled nursing home are the best people to talk to since they know all the ins and outs of Medicaid...View More
Due to a sudden illness, my father was admitted to a skilled nursing facility in late 2020. His Medicare eligibility is now lapsing and I need a Power of Attorney agreement to assist with his Medicaid enrollment, funeral planning, managing of finances, etc. Due to Covid restrictions, his facility... View More
Because of COVID, there is an executive order which suspends the witness requirement on all instruments which need to be notarized, except for wills. So, you are in luck. There no witnesses required. That said, it can't hurt to have your sister and her husband sign as witnesses. Or...View More
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