Anthony M. Avery Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Dec 6, 2024

You want the highest stepped up in value you can get to lower your potential capital gains upon you selling it later. However the higher the value, the more property taxes each year. You might start by looking at the tax appraisal value. Comparable sales will probably be higher than what the... View More

Sure there are ways from ladybird deeds to naming beneficiaries and SOS affidavits, but without examining details anything offered here would be speculation and not good advice.

Plus, your house, car and bank account are in total worth less than $15k? Something seems off.

Bottom... View More

I'm sorry to hear of your loss.

Unfortunately, the answer to your question depends on what the agreement says when you made the payment. Without seeing the paperwork it is impossible to provide any real advice. You should consult with a local attorney who can look at the paperwork and... View More

Does the lawyer know you have an existing trust? If not, that could be why he or she didn't ask. If you have one, it wouldn't hurt to bring a copy. I would not judge this lawyer's competency until you've actually sat down with him or her.

Yes, you could - subject to some caveats - move assets to a trust after taking a loan on the asset. By taking a loan on the asset, I'm guessing you mean you've borrowed money that is secured by a lien on the asset.

The most common situation where this comes up is where a person... View More

Probably not, and depending on where in the probate process the estate and what type of estate it is, it could be unlawful or at least unwise for the personal representative to do so.

The person wanting to buy the house could propose a promissory note agreed to by the personal... View More

I concur this isn’t a ‘crime’ so be careful how you approach this. A ‘crime’ requires intent and this — particularly with the response of the company trying to ‘make it right’ — shows there is no criminal intent, just a very unfortunate mistake. It is ‘negligence’ at best and... View More

Anthony M. Avery Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Jul 31, 2024

Hire a MI attorney to examine your Trust as it may be revocable or have other useful terms. Setting aside a Deed may be impossible however if the Deed was drafted correctly. Search the title also for defects.

It very much matters whether both names were on the deed. It also matters - moreso - whether this newly created trust was funded. That would mean a deed was signed by the now deceased spouse placing the home into the trust. Even with that, the surviving spouse could elect his or her spousal... View More

You are not obligated to do so. Does she own her residence? Eventually so other entity (e.g., bank, city, creditors) will take over, clean everything out, etc. But don't expect anything if that's the route you go.

You will certainly need a court order. No medical facility is going to proceed otherwise on such an old directive, especially when there has been care to the contrary since then. There's simply way too much liability here to get it wrong.

You'll probably want to engage an attorney to help you with this. Quite frankly, it's an uphill battle to have a personal representative removed. "Mismanagement" can take the form of simply making decisions you don't agree with or non-compliance with the court rules... View More

You probably don't need a codicile for this as much as you do a change to your life insurance's beneficiary designation. Unless your beneficiary designation calls for your insurance to go to your estate, the insurance company will pay out whomever is listed on the beneficiary designation... View More

They both could be legally binding. It depends on what the first trust says happens to the funds once one spouse dies (in this case, the husband died first). That trust could say "once the first spouse dies, everything goes to the surviving trust". If that's the case, then the... View More

They could try, but they would need to fall within the priority list of people who can serve as a personal representative - generally meaning they would need to be more closely related to the deceased person. AND they would need to convince the probate court judge that you are not performing your... View More

If your spouse dies before you, you would then legally be considered single. To the extent your spouse does not have an estate plan, joint accounts, or beneficiary designations to the contrary, the lion's share of his or her property would go to you as the surviving spouse, with any remainder... View More

You transfer your property interest to someone else, usually one or all of the other co-tenants since they are the ones who will get the most value from that. HOW you do that depends on what you would like to get out of the deal. The best response is to contact a local lawyer to discuss your... View More

There will be an ‘offset’ for ant mortgage, but if you’re asking about the capital gains the answer is ‘welcome to the downside of quit claim deeds. You have acquired the basis for tax purposes of the original owner and will need to pay capital gains.

Absent some other facts you... View More

James L. Arrasmith Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on May 1, 2024

I'm sorry to hear about your situation. Navigating probate, estate matters, and military records can be complex, especially given the circumstances you described. Here are a few steps you can take to gather more information and seek assistance:

1. Military records: To obtain your... View More

It will depend on what the Letter of Authority provides- whether the property can be sold or mortgaged during a time that the estate action is open, will be determined by the Court. Additionally, it will depend on whether the decedent died intestate or not - but it is not uncommon that one or more... View More