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Your current state is Ohio
The 403b is a traditional 403b that my aunt left me as the sole beneficiary. I plan on taking drawdowns over the 10 year time frame. I understand I will have to pay income tax each year, but am I required to reimburse the estate the 15% inheritance tax? It is considered a non-probate asset.
answered on Dec 22, 2024
You seem to be a well-informed person.
You give short shrift to underlying, probably important, facts, however.
For instance, does the aunt's Will pass the 403b interest to you?
Such obligations are usually contractual, between the decedent and the purchaser (aunt?),... View More 
She says there's no will & she tells me to be out so she can sell it. I'm located in Hemet CA
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answered on Dec 21, 2024
Without a will, California intestacy laws determine how the property is distributed among heirs. Since you've been paying the mortgage and living in the home, you have established certain rights as an occupant and potential heir.
Your sister's role as executor would need to be... View More
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answered on Dec 20, 2024
Inherited property (which includes cash) is the separate property of the heir/beneficiary.
Real estate attorney established a full life estate with a single statement in a sales contract for my home. It has been a nightmare for 5 years, and it must be resolved.
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answered on Dec 20, 2024
Not sure what a full LE is. Nor why you would worry about it being in a contract. What counts is what estate is conveyed in the DEED. Have you read the Deed? You need to hire a GA attorney to at least explain the Deed to you, and possibly search the title. Then he might advise to any... View More
My Sister died 3 years ago without a will, never married, no children. Her estate was never settled. Next of kin was my mother, she died 6 months ago with a will in trust. Since I am now next of kin to my sister I have become the executor to settle her estate. Is my mother’s estate entitled to a... View More
Three NJ resident siblings want to set up a LLC for their recenltly inherited vacation home in Paupack PA in order to spell out financial responsibilities, succession rules, and regulations for using the property. With the approval of the others, one sibling had a NJ lawyer produce a LLC for... View More
answered on Dec 19, 2024
While I think it possible that your sibling misunderstood that the tax preparer (CPA?) actually said, in forty-years of practice, I have never heard of a PA law or rule governing or limiting who may draft LLC documents (other than perhaps the PA Bar, which governs who may practice law within PA).... View More
My grandfather had a deed done to transfer a property to his trust. It was recorded after he passed and it now shows in error with the proprety appraiser because the description isnt complete. What would be the easiest way to get it fixed? My Mom is trustee and needs to close out the trust.
answered on Dec 19, 2024
Since it is an invalid deed, nothing was conveyed, it is likely that some version of probate is going to be required in order to transfer the property. You will need to speak with and work with a probate attorney. If the error is somewhat minimal or can be attributed to being a scrivener's... View More
Yes, I'm going to work with a lawyer. I'm just trying to be informed and have some understanding.
Parents trust is old (2003) and says *if* the trust estate exceeds the estate tax exemption, then create A/B trusts. B trust gets lesser of 1/2 of estate or the estate tax exemption.... View More
answered on Dec 19, 2024
Lawyers cannot give opinions on trusts, contracts or other specific legal documents without reading the document. It's like giving someone a few pages out of a book and asking what the outcome will be. I'm sorry about that! Terms can be defined differently from one trust to another, so... View More
We have moved and the listed assets have changed.
answered on Dec 19, 2024
Yes. You may want a lawyer to look over it to ensure you did it properly though.
My 83 yr old father has my 55 yr old brother who has lived in my fathers home for 14 yrs without having any job and my 40 yr old son has lived there consistently for aprox 21 yrs never paying for anything either. My father has been diagnosed with dementia but has a fluctuating cognitive impairment.... View More
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answered on Dec 19, 2024
You can file your own report with adult protective services. But chances are that will not bring any relief. The only real solution is to hire an attorney to petition the court to appoint you as guardian and conservator for your father. If you have limited means you might try your local legal aid... View More
the husband had a previous marriage with one son, whom have passed away. They have 2 children to their union, and 1 child passed away they adopted one son and they have about 10 grandchildren.
answered on Dec 20, 2024
If the property is only in the name of the wife then she can sell the property without a succession. If the deceased ((his estate) is entitled to any portion of the sale proceeds then it would be settled up in a succssion. If the husband's name is on the property then a succession will have... View More
My husband's grandmother owned 80 acres and recently passed. My FIL wanted to disclaim ownership and give his 50% directly to his one and only living son. Can that be done somehow without them taking ownership first? We live in Minnesota if that makes a difference.
My in-laws meet... View More
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answered on Dec 18, 2024
Hire a MN attorney to search the title and possibly determine heirship.
The only heirs are my brother and myself. I understand that small estate affidavit requires 45 days, and that nobody had petitioned as executor. But can we still petition as executor of his estate though? We cant access any of his personal records without that it seems.
The estate was closed and settled on 6/2021. I have since joined a class action regarding my husbands illness. A settlement amount has been offered. What do I need to do if anything? Ty in advance This was in Maryland. However I currently reside with kids in Pennsylvania.
answered on Dec 17, 2024
Assuming some or all of the funds will be payable to your late husband's estate, any additional funds will require filing a supplemental inventory and supplemental account (if a regular estate) or a supplemental schedule B (if a small estate). Basically a Personal Representative has an... View More
The deceased family is unhappy with how the deceased decided to disperse her money, and we believe may not share the death certificate with us to claim whatever she named my son beneficiary to. She was a family friend, but of no direct relation to my son. Is there a way to obtain this without a... View More
In the case that an undocumented immigrant is deported but they have assets in the states such as real estate, bank accounts, vehicles, etc. what actions can be taken to protect those assets?
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answered on Dec 17, 2024
They may want to sell the properties now and deposit the proceeds in offshore bank accounts. The immediate tax consequences will be significant, but better than losing property that you cannot come back to. Setting up a trust will require some very good trustees, but you will not be able to do... View More
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answered on Dec 18, 2024
This situation raises significant legal concerns beyond just the SECURE Act. Since your wife lived in Nevada, that state's laws regarding fiduciary duty and financial exploitation would apply to the financial advisor's actions.
Moving $500,000 without proper authorization could... View More
answered on Dec 16, 2024
That is not required, but it is certainly helpful to avoid any ambiguity.
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