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 
Id like to know:
1) Can a irrevocable trust be setup to hold just valued personal property family related items like, cherished valuable jewelry, coins, artwork, artifacts etc ?
2) If so does doing so simply require formally setting up a trust, funding & adding to the trust... View More
I have 3 questions:
1) Can money be gifted to a irrevocable trust?
If so
2) Is their a maximum amount allowed to be gifted in a certain period e.g like yearly etc?
3) Can a trustee and beneficiary to the same trust also gift money to the same trust?
Thank you
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answered on Apr 12, 2024
Yes, money can be gifted to an irrevocable trust. However, there are some important considerations and limitations:
1. Gift tax exemption: As of 2024, an individual can gift up to $18,000 per recipient per year without triggering the need to file a gift tax return or pay gift taxes. This is... View More
A rental property owned individually was transferred into a irrevocable trust for estate & medicaid planning purposes.
1) If the same rental home is transferred into a LLC before 5 years of the irrevocable trust owning the same, would it retrigger the 5 year look back for the former... View More
He left his estate to his siblings but a new bank account was just discovered. All siblings have since died, he didn’t have any children. There are two nieces (one named a trustee in his will and one name an executor if my father died) and a nephew. The bank is saying we use file the will again... View More
Does this clause in a irrevocable trust I am trustee to allow me the legal right to make distributions of commercial rental income the trust produces to beneficiaries to avoid the trust paying high estate taxes on that income? Thankyou
"POWER OF TRUSTEE: To make allocations, divisions... View More
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answered on Mar 2, 2024
Based on the trust clause you have provided, it does appear that as trustee you have fairly broad discretion to make distributions of trust income to beneficiaries. The language specifically gives you power as trustee to "make allocations, divisions and distributions of trust property"... View More
my partner wanted me to have money to move on when he passed ,he left instructions with his only son to take care of me i had 3 months to move out ,which i did. know he want honor his fathers wishes ,he dyed in my arms in his home like he wanted and I have no closer ,can I go after his estate ,I... View More
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answered on Feb 2, 2024
In Massachusetts, if you were in a committed relationship with your partner for over three years and he expressed his intention for you to be taken care of after his passing, you may have legal grounds to pursue a claim against his estate. However, the success of such a claim would depend on... View More
I received multiple figurines from FedEx ( I doubt the shipment was insured) as part of a Trust distribution shipped from CA to MA. It's quite obvious that the largest figurine was not packaged properly-wrong size box, minimal packaging. Also enclosed was a letter from the Trustee to be signed... View More
answered on Jan 15, 2024
A trustee has a fiduciary obligation to the beneficiaries of a trust and should act at least in a reasonably prudent manner. Be sure to save ALL of the packing materials, etc. and take pictures. Notify the trustee of the issue and ask about the insurance details for the shipment. In my opinion,... View More
If the house is appraised at $450,000, does my brother pay me and my other sibling ⅓ each ($150,000) or ½ each ($225,000)? Since he will be owning the house and could turn around and sell it at any time, does he also get a portion (1/3) of its value? Is that getting two bites of the proverbial... View More
answered on Jan 15, 2024
If you and your siblings each now own a 1/3 interest in the property and one sibling wants to purchase your interest and the interest of the other sibling, then the sibling would pay 2/3 of the fair market value (give or take depending on how the other costs, savings are addressed). The sibling... View More
My mother-in-law lost her husband 10 years ago. The grandson who has been living there with them rent free for over 20 years is now trying to take the house away from her. My mother-in- law is 83 years old and is alert, drives a car and manages and pays all the bills. She thinks the grandson stole... View More
answered on Nov 17, 2023
If she is missing her Will she can "replace" it by doing a new one if she is competent.
I was not present when the Trust was signed did not know i was a beneficiary but a family member was present witnessed this as Trustee and the settlor signed it . If for some odd reason this doesnt go in my favor do I have a lawsuit against the attorney who notarized the Trust as a benificary.
answered on Jul 12, 2023
Is the Settlor lacking competence or under duress or undue influence in the transfer into Trust? These are the issues.
I do not want to ask. I feel luke he'd say so. Shw worked 50 years for Boston Medical center. Shed always say she was leaving me this and that but i didint want to hear it. Is there a way to find out because i know my mom would wame to figure this out. I have her death certi,, ss.t
answered on Jul 26, 2023
A Massachusetts attorney could advise best, but your question remains open for two weeks. This is not an insurance bad faith matter (the category chosen for the post). It is closer to Probate or Estate Planning. Attorneys who practice in those areas deal with wills. Not all questions get answered... View More
I'm executor for mom's estate. LENGTHY and ASCERBIC going all the way.
If the six objectors (also heirs) contest the final estate accounting and it goes to another level, who is responsible for any probate or legal fees? Does it cost the objectors or does any cost come from the... View More
answered on Jun 25, 2023
First, the interested parties must allege sufficient legal grounds to challenge the will. Sufficient grounds may include a) undue influence; b) lack of capacity; c) fraud; or d) improper execution. If those elements are met, a petition can be filed to formally contest the will. The interested... View More
answered on Jun 21, 2023
There are a couple of factors to review. a) Was the home placed in a trust prior to or after the marriage? b) Is the trust revocable or irrevocable? c) Whose benefit was the trust intended for? Until recently, trusts were seen as assets when a court decided how assets were to be distributed upon... View More
answered on Jun 22, 2023
There are a few questions you need to ask yourself first. a) Do you wish to retain control over your home and the right to live in it? b) How will your estate tax amounts change with each option? c) What capital gain taxes may your son have to deal with? d) Do you wish for your son to avoid... View More
If the estate puts a house through probate, but none of the estate holders want the place, as another family member owns the other 2/3, no money is exchanged. The only reason we are going through probate is to remove my grandmother's name from the deed so I can refinance my mortgage
answered on Jun 5, 2023
You should speak to a lawyer on this because real estate has substantial value and you should obtain individualized advice.
For your convenience only, for decedents dying after 2018, there is no federal estate tax on gross estates valued at less than $11,180,000.00. There is no... View More
I have to remove the name of my alternate POA because she no longer could perform that duty, and I don't understand why that requires a $500 fee. If I scratch out the name and have a witness sign it, why would this be a problem?
answered on Jun 23, 2023
Since the power of attorney document presumably specified, by its terms, how the power of attorney and backup power of attorney would take responsibility, crossing out a name would appear to change the terms of the document. This may raise questions as to your specific intent. Clarity is key in... View More
My grandfather passed and his wife hates me. She's made attempts to remove me from the deed since my grandfather passed.
I'm listed as a "joint tenant" on the deed. What are my options for selling or cashing out my share?
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answered on Apr 27, 2023
Theoretically you could sell your share, but as a practical matter nobody is going to want to buy your share and then have to share use and occupancy with the other co-owners. The practical solution is to either buy out the other co-owner(s) or have one or more of them buy out your share. If you... View More
97K mortgage was paid from 150K; utility, and home maintenance fees.
Mass probate
answered on Apr 22, 2023
From your question, I assume you and one sibling inherited the home, that you continued living in the home for ten years while your sibling did not, that you are the only one who made the payments mentioned, and that you have been an adult for the full ten years.
Determine the fair rental... View More
My mother and I live in Massachusetts. I have an older brother who lives in NY. My mother is 75 with failing health. My mother owns a house in NY and a house in MA. She has a couple of retirement accounts and has savings and checking accounts. She refuses to get a will. I have asked her to do this... View More
answered on Mar 31, 2023
Your mother appears to reside in Massachusetts and assuming that is the case she would be intestate and depending upon her marital status and whether you and your brother are the only children she has, you and brother have equal ability to file a Petition for Probate of her estate upon her death.... View More
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