You should look to the operating agreement (if there is one) to see how the decedent member's interest is handled. If there isn't one, then an LLC interest is considered personal property and if acquired during marriage would be considered as being held in joint tenancy.
My husband, myself, our 2 daughters, and another person are beneficiaries. The supposed trustee is an unlicensed attorney in Guam who is represented by my brothers former law partner. And that guy says we cannot communicate with the trustee at all, but just go through him (the former law partner of... View More
The best thing to do would be to talk with an attorney. By statute, you cannot disinherit your spouse without their permission. I would encourage your mother to get a post-nuptial agreement and then engage in estate planning. I would normally recommend that she set up a trust so...View More
2 rental properties in Utah in which I am the sole owner, I reside in WA. I formulated an LLC in Utah but never used it \. Would like to reuse that LLC but the address is under a former business partners address that lived in Utah. I am now sole owner of LLC. I already have a seperate bank... View More
My 19 year old son's father died 8 days ago, and the mother of the deceased has self-appointed herself executor and claims that the assets need to go to her because her son borrowed money and never repaid her. There was no legal contract for this supposed debt, but she is already trying to... View More
If your son wants to assert his authority as personal representative of his father's estate, then he can do so through a probate process. I have pasted the relevant code section below. In addition, if your son doesn't want to do it, he can nominate you serve as his father's...View More
Father put house into trust with me and sister as trustees and now has passed. There is income paid to the house so it pays the mortgage $500 in $500 out. Does the house count it as income or would me and my sister take care of it on our taxes? The trust has an IEN tax number already?
You need to review this with a CPA, but most likely the trust became irrevocable when your father died and is, therefore, a separate taxpayer that is now obligated to file annual income tax returns the same as you are. As such, the income "belongs" to the trust and is reportable on its...View More
My mother in law passed away January 2021 and the executor has still not completed anything. Her house sold in October of 2021 and he said it'll be done soon. Checked in with him in December and he said "well, we have to give a couple of people small amounts of money that she... View More
I am sorry for your plight. If this is in Utah and it is a Will, then your husband as a beneficiary is entitled to a copy of the will. Legally they are and the PR / Executor has to give him a copy as well as the inventory when it is completed. The only real stick you have in order to...View More
My ex wife passed away and our 10 year old daughter is the beneficiary on her life insurance policy. In order to get a lump sum payment, State Farm Insurance is requiring me to provide a Certified Copy of the Court Order and Letters of Guardianship of the minor’s estate. I shared custody of my... View More
This is a better question for your accountant, but normally the estate will issue a K1 to each beneficiary that received cash distributions from the sale of the house that year. The house appreciation from the date of death will be attributable to the beneficiaries to whom it was distributed to at...View More
On those simple facts, no. You marry the partner, not his/her premarital debts. You would only become liable for the debt if you consented, e.g., by assuming the obligation with a writing signed by you for some new consideration.
But, if, for instance, you somehow participated in your...View More
Yes and no. Nor for personal debts, student loan debts, credit card debts etc. but yes to medical bills. The creditors have a right to make a claim against his estate and the estate has an obligation to pay it as long as the assets in the estate are over and above the exemption amount. The...View More
Your best answer depends on a few things that an attorney would need to discuss with you. If you don't have a copy of the Trust, you need help proving your authority as the Trustee. If you are the creator of the Trust, you can always sign an updated version of the Trust. If you are an heir and...View More
Hi, dividend income would be considered income tax. The estate tax has to deal with the total amount of value passing from the decedent to others. So, it can be counted as both--income when received by the estate and an amount chipping away at the estate tax exemption credit. Most people are not...View More
The house is a long distance from the trustee’s residence and full of personal property to be garnered, valued, and distributed. The house is to be sold with equal shares to beneficiaries. The trustee is one of those beneficiaries.
It sounds reasonable as long as it doesn't take too long. If the trust doesn't speak to that ability, then the trustee probably can. A trustee's actions need to be reasonable or some other standard as outlined in the trust agreement. If this is done, then the trustee will still...View More
When he was alive, he told me that he put his dog in his will and specifically told me that it was important (he was acting very cryptic and secretive about it). His estranged wife keeps asking me if I'm going to keep her. I told her yes, and that I suspected my friend (her estranged husband)... View More
If you are to receive his dog (which is deemed "property") then you are a beneficiary of the will. As such, you are entitled to see the Will unless the Will says otherwise (something like, no beneficiary is entitled to a copy of the will and will be subject to judicial review only)....View More
Can the trustees bypass that heir and have it closed anyway? Does an heir who is uncooperative with the trustees and their attorney have any rights to contest what the trustees have done with the trust? The uncooperative heir is myself because of the dysfunctional relationships in my family. Thank... View More
I am about to inherit restricted stocks from my father who was an insider in the company. I dont know what the restrictions are exactly yet, but whatever they are, can I and how likely can I succeed to force the company to lift those restrictions in the court?
That questions is difficult to answer. If your Dad died while working at the company, perhaps the stock will come restriction free. Usually restrictions are in place to prevent insider trading, so if there is no chance at insider trading anymore, they may lift them. Other...View More
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