Your current state is Ohio
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More
answered on Apr 26, 2024
At the federal level gifts are not taxable to the recipient. The gift giver might owe gift tax but that is highly unlikely to apply to such small amounts. Some states might have lower gift tax exemptions but, again, even those would be unlikely to impact such small gift amounts.
We don't know the amount and don't have a copy of the will (although it's required under state law, the will has not been filed with probate).
The son is the executor and he notified me about the gift in January, saying he had to settle the estate and would get back to me... View More
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answered on Apr 26, 2024
No, the person paying the property taxes alone cannot automatically take ownership of the property simply because they are the only one paying taxes. Here's why:
1. Legal ownership: The ownership of the property is determined by the will, not by who pays the property taxes. If the... View More
Father in declining health, step mother diagnosed with dementia. They made arrangements to move to assisted living but before that could happen she declined rapidly and had to be put in a memory care facility. My father went ahead and moved as he could not stay alone. He went through the process to... View More
answered on Apr 25, 2024
Yes you do, and estate planning is easy!
There are several important reasons why a young professional should consider getting a will done and engage in simple estate planning:
1. Protecting Assets: Even if you don't have substantial assets now, you may acquire them. A will... View More
But in 2017, hurricane "Maria" in Puerto Rico caused difficulties with getting info about property in the estate. In 2022, my father passed away in New York. Should I probate the Will in NY Courts or do I begin the process directly in Puerto Rico where the estate is located (even if the... View More
In los angeles county how long and how much is a typical cost, if one exists, to remove and surcharge a trustee assuming they don't try to fight it? Is there a schedule of charges for court fees posted somewhere?
answered on Apr 24, 2024
In Los Angeles County, the process of removing and surcharging a trustee can vary in terms of time and cost, depending on the specific circumstances of the case.
my lawyer emailed me a copy of the 1998 trust in March 2023, but I never saw it. But at the time, he told me it was too late to do anything about it anyway (past the deadline to file) since my father passed away over a year earlier in Feb 2022. But now, he is suggesting we can petition the court... View More
answered on Apr 24, 2024
Based on the information you've provided, it seems that your lawyer may have been negligent in not properly addressing the 1998 trust when it was first discovered, especially if it would have been possible to challenge the 2014 trust at that time. However, whether this constitutes legal... View More
The Power Of Attorney document specifically grants the right to create an inter vivos trust on behalf of the principle.
answered on Apr 24, 2024
Take the POA to any estate planning attorney near you, they will tell you what you can or can not do. They can help you draft the trust if it falls within the power of the POA.
My cousin took the will and put her name on the account so I would not have access to anything
answered on Apr 24, 2024
You should open a probate estate in the county where your loved one died. If a will exists, you can file that will with the Court to inform how the estate should be distributed. Without more information I am unable to give any more specific advice. What account? Who is the deceased?
My mother died in Oregon but had a couple of small (<$2k) bank accounts in California. Do I have to file in California to claim this property? What about an out-of-state pension to which I have a claim on the residue? Can I just file a Small Estate Affidavit here in Oregon, get appointed... View More
answered on Apr 24, 2024
If the bank has a branch in Oregon then you are probably fine filing a Simple Estate Affidavit (we recently changed the name from Small Estate Affidavit), however, when you file this type of probate you are not appointed as Personal Representative. You just order a certified copy of the Affidavit... View More
The cameras are attached to the house. I want to know where the law falls on security cameras and hired service workers.
My daughter formed a trust on my mother’s assets. Unbeknownst to me when my mother died, I discovered that I inherited nothing. I got a copy of the trust and I don’t understand what it means. I am listed third under my daughters as a lifetime beneficiary. What rights do I have? In another... View More
The will is typed up. Does this invalidate it here in Oklahoma
My parents have no will I am the only child that shares both parents. They passed with no will. Can I I herit the property. It's just the house bo assets
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