What is the best way to put the house in my name? Are there any options where it can be gifted to me so I don't have to take out a loan? Would buying it be best (and would a first-time homeowner's credit apply?) Are there any other options? I plan actually to live in the home and not... Read more »
answered on May 26, 2023
Your grandparents can deed the property to you, but this is problematic because there is a mortgage on the property. The mortgage likely contains an acceleration clause that states upon transfer of the property to a third party, the mortgage will be immediately due and payable on full. Further, if... Read more »
My sister claims to be my mother's poa. She takes all of her money out of a joint account between her n my mom and deposit it in her account. Her gas bill is overdue by 1,000 dollars. She takers her to no appointments me and my wife do. My mom thwrclains she doesn't even want her in the... Read more »
answered on May 17, 2023
Anyone acting under a power of attorney has a fiduciary duty to act in the principal's best interest. If your sister simply took your mother's money, then she is arguably in violation of that duty. Since your sister will not likely respond to a written demand (based on her text message)... Read more »
I'm trying to find alternatives to my current 529 savings account. I want something tax free, but where I can take out I'm emergencies. I don't want to lose my SSI.
answered on May 15, 2023
It is great that you are looking for alternatives for savings that will not affect your SSI payments. A primary consideration is whether the alternative would be a countable resource or not. A CD is usually countable except when the terms of a timed deposit will prohibit early withdrawal... Read more »
answered on May 25, 2023
You may have a claim against the bank for failing to properly ID the person withdrawing the assets. I recommend speaking with a lawyer to discuss your options.
answered on Jan 27, 2023
First, call your lawyer and ask why he hasn't followed through. There may be some obstacle that's needs to be removed first, and he's working on it for you. Second, if your lawyer doesn't have a good reason for not following through, find another attorney. You can record... Read more »
Trying to fill out an Executors Deed. I have one executor but about 6 heirs/grantees. Do I just list each heir and their percentage and say individually? For example: John Doe (20%) individually, John Doe Jr. (20%) individually, etc. Should percentages not be included?
answered on Jan 23, 2023
An Executor's Deed or Administrator's Deed is generally utilized when the Representative is "selling" real estate to a third party.
On the other hand, when a representative is merely releasing the estate's interest in the property and confirming title in the heirs... Read more »
There is a guardian (co-guardians in this case), a will, and a trust. The ward dies, the will has no written instructions for disposition of remains. Who is the 1st person legally responsible for making decisions about the disposition?
The guardian, the guardian who also is executive... Read more »
answered on Nov 16, 2022
Powers of attorney and guardianships end at death. The only person with any legal authority is the executor of the will, who will have letters of office. That person has to see to it that bills are paid, including the funeral, cremation, etc.
There are two beneficiaries currently: daughter and granddaughter. Lawyer insists there needs to be third but the Grantor only wants the daughter and granddaughter on there.
answered on Oct 3, 2022
I think there is some confusion about what the attorney is likely asking.
Going only by your question, and having not seen the trust or the details, the grantor does need to add some information regarding additional beneficiaries. The missing blank which needs to be filled in is, what... Read more »
answered on Sep 14, 2022
Oh my, yes, there are a TON of federal statutes that impact trust planning, too many to list. You will find a great deal in the Internal Revenue Code and also Title 42. That is not necessarily a complete list, but it is where a great many exist, and it is a good start.
answered on Sep 14, 2022
Tax laws and ERISA Qualification laws come to mind. Banking Statutes also cover Trust Regulation. Securities Law may often be indirectly determinative. There are probably many others. Obviously Anti-Trust Statutes. State Laws control most disputes, but Trusts often involve several possible... Read more »
answered on Aug 22, 2022
No, the name of an estate bank account should include the name and title of the representative: "John Doe, executor/administrator of the Jane Doe Estate".
Thank you, and wish you the best of luck!
Order of Protection of was filed against daughter, who then turned around and filed Petition of Guardianship on the mother requesting order of protection. Mother had not seen daughter for over 3 yrs, as mother claimed daughter harassed her, and stole large amount of cash. Eventually the Protection... Read more »
answered on Jul 21, 2022
Yes, the court will ignore this if they do not know about it. Somebody needs to alert either the guardian ad litem or intervene in the case.
Deceased has a will & trust, but there is no beneficiary designated in IRA (rollover and Roth). Deceased does have a spouse.
1.) Who gets the payout?
2.) If it goes to estate, can the payout be directed to trust? Please note the Will has a... Read more »
answered on Jul 9, 2022
I’m so sorry to hear of your loss; I hope you’re hanging in there.
When someone has a trust, the purpose is to avoid probate. The way you avoid probate when you have a trust is to fund the trust by making sure the trust is listed as beneficiary (or owner) of assets. There are... Read more »
answered on Jul 7, 2022
I'm so sorry to hear of your mother's passing; I hope you're hanging in there.
Her estate may need to go through probate. Probate court proceedings are needed when 1) someone owns real estate or 2) other cumulative assets that don't name a joint owner or beneficiary... Read more »
answered on Apr 26, 2022
I'm so sorry to hear about this; fortunately and unfortunately, it sounds like your son is high functioning to the point he wants to drive his own car but doesn't have the capacity to understand what a car loan entails. In adult guardianships in Illinois, this is somewhat common.... Read more »
Since ‘14 I’ve received monthly payouts from a trust set up by my brother & his wife. No taxes/fees were charged to me. He died in ‘19; she in ‘20. The only correspondence I have received from the bank over the years are quarterly reports. Yesterday, 4/6/22, I received an email notice... Read more »
answered on Apr 7, 2022
It was very nice for your brother and his wife to leave you the money they did. It is even nicer that they filed and paid the tax for you. Yes, the taxes need to be paid. I cannot emphasize that enough. I would advise you to know who the trustee of the trust is so you can speak to that person.... Read more »
My dad purchased my grandmas home when she went into a nursing home and sold it to my husband and me. He died before being able to transfer the deed, how do we get the house in our name? He did not have a will and my mom and two siblings are still living. We also didn’t have a written agreement... Read more »
answered on Feb 23, 2022
In order to be enforceable, Illinois, and all other states, require that agreements for the purchase and sale of real estate be in writing. However, this is not insurmountable. First, did you pay your father for the property and can the transfer of funds be documented? More importantly, were... Read more »
$100,000 The bank is holding his account open until any funds due are settled. All money due or collected will be given to his daughter. Do we just list her as 100% on the small estate affidavit? or should I list myself as his father? I want to give all proceeds to her but don't know what my... Read more »
answered on Feb 7, 2022
Sir, I'm so sorry for your loss. I hope you're all hanging in there.
While you can be the affiant of the Small Estate Affidavit, the only heir of the estate is your granddaughter. Because the amount of money she'll likely receive is over $10,000.00, there will need to be a... Read more »
My sister and I are beneficiaries to my father's savings bank accounts but my sister is unable to leave her house. If she cannot be there in person how will she be able to collect her portion?
answered on Jan 31, 2022
One option for solving this problem is your sister could sign a power of attorney designating someone else to collect the account for her. An estate planning attorney can help her with this.
How to change her house to my name? And her bank account ( She had only very small amount money)?
answered on Jan 25, 2022
There is no such thing as changing the house to your name. You need to look at the deed and determine how it was titled. if in you Mom's name alone, then you will need to open an estate in order to transfer the asset. If the house was titled as joint tenants, then the property will pass, by... Read more »
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