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Will we also benefit from the single $250,000 capital gains exemption. His trust was a grantor , Medicaid asset protection trust and considered part of his estate at death. He lived in the house for 45 years and died in it as well. He maintained some control of the trust with limited power of... View More 
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answered on Feb 12, 2025
It is common for the grantor of a Medicaid Asset Protection Trust (MAPT) to retain just enough controls to trigger estate inclusion at the death of the grantor and, therefore, to cause the assets in the MAPT to obtain a step up in basis at the death of the grantor.
If a residence is owned... View More
I am a non-US citizen. I own a condo in NYC which is not my primary residence. I want to transfer this condo into my revocable living trust (domestic). My attorney filled out form TP584 as a conveyance without consideration. Therefore, no transfer tax is due. At the end of this form, it states that... View More
answered on Feb 7, 2025
A revocable trust's assets are still your tax responsiblity, e.g. property taxes, because it is revocable. The form you are filing suggests you are getting income from the property and that is taxable. If you have no confidence in your atorney, you should obtain another one. Do so or take... View More
never was the owner to the house, however in my fathers trust that he amended not sure why but it states that the property shall be maintained in trust for the grantors wife for her use and enjoyment and residency for her lifetime or until the trustee determines that the property is no longer... View More
The trust was a grantor (MAPT) part of the grantors taxable estate at time of death. He died, would I still get the $250,00 ( single: person capital gain exemption? ( house was in the trust)
We improved on the house and the Gaines from the Date of death to the sale was significant.... View More
The paperwork had been signed several weeks prior. There was a delay at the town . Official transfer to the trust was 6 weeks after his death. Is it a valid asset to the trust? Or rather could it be part of his estate at the time of death. Currently it’s listed as an asset of the trust on... View More
answered on Jan 27, 2025
Although the recording of the deed provides a public record of the transfer of the property to the trustee of the trust, it does not necessarily have to happen immediately or even before the grantor dies. It has more to do with the delivery of the deed to the trustee. Although it could be a factual... View More
For 15 years took care of her till she passed. My sister's wanted to sell the house. We applied for & were approved for a mortgage. They wanted more than we were approved for & didn't accept it. We stayed in the house, looking for a new place is very challenging. They placed an... View More
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answered on Jan 23, 2025
If your name is not on the deed, you are not the owner. I do not know who you are referring to when you say "They".. There are also several facts that you have not provided. Who wanted more, who evicted you, and why are your belongings still there? Was the house sold at auction... View More
The $ is from a settlement from my Grandmother's John Hancock LTC policy, apparently they were audited and owed her nursing home days they failed to pay out - this $ was not known about until after my Mother's death but still must pass through my mother's estate once it passes... View More
I am currently facing uncertain health challenges that are expensive and it makes more financial sense for me to be unemployed but maintain medicaid eligibility rather than work and lose my coverage. The problem with this is that I want to be productive and start a business, no matter how much time... View More
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answered on Jan 28, 2025
Maintaining Medicaid coverage while earning above the income limit in New York requires strategic planning, especially if you want to stay productive. One potential route is exploring Medicaid's "Medicaid Buy-In for Working People with Disabilities" program. This allows individuals... View More
My mom leased a vehicle in only her name. She passed away and has no estate. We contacted the credit union who gave us the run around for over a month about turning the vehicle in. Now they want over $8000 in charges for sending it to auction and not getting the amount they wanted. Are we liable if... View More
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answered on Jan 5, 2025
No. If you are not on the lease agreement, you have no liability. If your mother left no assets, the credit union will be unable to recover their losses.
answered on Jan 9, 2025
I interpret the question as may a beneficiary to an inheritance of a house disclaim the benefit? In that instance, it is as if you did not exist in the will [at least as far as the house goes] and any other beneficiary [such as a sibling also given a share of the house] could have his share... View More
Grandfather died. My grandmother was the beneficiary of his life insurance policy but predeceased him in 2016. They had 4 children which one died 9 days after him. If there's no contingent beneficiary, how will be payout be? Is the deceased child entitled to any of the money?
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answered on Dec 26, 2024
If a beneficiary of a life insurance policy predeceases the policyholder and there is no contingent beneficiary, the policy will be payable to the estate of the policyholder. If your grandfather had a Will, distribution will be made pursuant to that. The Will will have to be probated if that has... View More
It was in the closing paperwork. My attorney told me to look it up online. He hasn't been any help. The paperwork never even stated how much I was supposed to get.
answered on Dec 15, 2024
Life insurance is not typvally distributed by a will. It has named beneficiaries. If you are not named as a beneficiary in the insurance policy, you are not receiving anything from it directly.
My Dad recently passed and has a will but his only assets left upon his death are a life estate deed on his house with his three children's name on it and a joint checking account with one of his children as the joint owner. Less than $50,000 is in the joint account. Does his will need to go... View More
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answered on Dec 11, 2024
Joint accounts pass outside probate as long as at least one account holder is alive. Life estates expire upon death. If all he had was a life estate and a joint bank account with a living co-owner, there are no assets to probate.
What type of attorney do we need to help my wife and I establish a defense against a future challenge of Undue Influence and Lack of Mental Competency to our Will, and or to either of us personally? We will also want a new Will and Powers of Attorney drawn up, and to possibly discuss some other... View More
answered on Dec 5, 2024
Hello there! You would want an attorney who handles Estate Planning, or an attorney who does Trusts & Estates. The attorney could draft and supervise the execution of Wills, POAs, and other estate planning documents. During the Will signing ceremony, the attorney can ask the right questions to... View More
Hello - In upstate New York, my uncle was given a life estate for the house he was living in. He has since moved out, allowed the house to fall into disrepair, and refuses to pay the taxes on the property or homeowners insurance which he was supposed to be doing. Does this invalidate his life... View More
answered on Nov 30, 2024
No. Termination of the Life Estate is left to the Remainderman. No one else has legal standing.
Mom had a stroke a year ago and hasn't gotten better. We are trying to buy a house so that I can take care of her when the time comes... Fidelity has accused me of Elder Abuse and trying to steal her assets etc even tho my mom was the one who told fidelity what her wishes were. They are rude... View More
answered on Nov 25, 2024
I'm sorry you're going through this difficult situation. If you haven't already, ask Fidelity to document their concerns in writing and provide the specific reasons for refusing to honor your POA or give your mother access to her funds. It may be because they believe your mother... View More
Hello. Question. My husband's mother transferred shares of a cooperative apartment to his name. This was done during the marriage, but his mother registered the title to the apartment only in my husband's name. Now my husband has decided to make a will and a trust, but he has indicated... View More
answered on Nov 24, 2024
A gift to your spouse is not marital property even if given during the marriage unless it is comingled or transmuted. However, upon death, there are protections for a current spouse regardless of the will. New York has a "right of election" that allows a spouse to disregard the will and... View More
Wife was POA as named by husband
Wife was Guardian of husband’s person & property
answered on Nov 20, 2024
It depends on the terms of the guardianship order. Typically existing POAs are vacated in the initial order, but not always.
Send me those documents
answered on Nov 19, 2024
Generally, if you are a beneficiary of a trust, and the trustee has failed to provide financial documents, you can petition the court to compel the trustee to provide an accounting.
He has 3 other children who are full siblings to my mother. This is in Brooklyn NY, NYC.
Uncle says life insurance payout is on hold because they need my mother's death certificate.
Uncles not forthcoming with information and seem to be trying to get death certificate without me knowing.
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answered on Nov 8, 2024
Sorry to hear about your loss. Generally the first beneficiary would be entitled to the proceeds. Since she died after, it is possible that her estate can make the claim. See if she had a Will. If so, that may dictate what happens to the distribution of the benefits and who would be the personal... View More
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