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Living trust to issue partial payment to beneficiaries from condo sale before 120 notice is met
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answered on Jan 14, 2024
If beneficiaries of a living trust wish to receive a partial distribution of trust assets, such as proceeds from the sale of a condo, before the 120-day notification period has elapsed, there are a few considerations:
Trustee Discretion: The trustee has the discretion to make distributions.... View More 
Family transfer. The owner sold it to a trust in her name and she died one week later. She had no family and I did everything from cleaning to grocery shopping for two plus years. They have asserted themselves in her life two months before she passed in nursing home they put her in. He has... View More
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answered on Jan 14, 2024
This situation raises serious concerns about potential elder abuse and fraudulent activities related to estate and trust management. In California, there are laws to protect individuals from such exploitation, especially in the context of probate and trust matters.
First, you should gather... View More
Rwork to be signed in nursing home that he put her in. Had access to everything in the house as in her whole life and made it all his. She had no family. And then there's me. The only one there for three years cleaning shopping driving her places and he hasn't once reached ut to me. She... View More
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answered on Jan 14, 2024
It appears you are describing a situation involving a trust and a successor trustee, who also happens to be the sole beneficiary. Here are some pointers:
Trustee's Job: The person who took over the trust (the successor trustee) has to do what's best for the person who made the... View More
Rwork to be signed in nursing home that he put her in. Had access to everything in the house as in her whole life and made it all his. She had no family. And then there's me. The only one there for three years cleaning shopping driving her places and he hasn't once reached ut to me. She... View More
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answered on Jan 14, 2024
In this situation, it appears there are concerns about the legitimacy of the actions taken by the successor trustee and potential undue influence or exploitation of the trustor. In California, the law requires that a trustee act in the best interest of the trust and its beneficiaries.... View More
If the answer is no, then is it breaking attorney client confidentiality if the client reports to the court the reason why they have fired their attorney?
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answered on Jan 13, 2024
Under California law, a client reporting to the court that they have fired their attorney does not break attorney-client confidentiality. This action is simply a statement of the change in representation and does not disclose any confidential information protected under the attorney-client... View More
Never going back to her home. Two people/ old neighbors a mother and son took over her (everything). They conned her and are almost selling her house which he put to a trust in her name at his address. She had zero family they knew this because her daughter died a year earlier. Is it too late to... View More
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answered on Jan 13, 2024
Under California law, it's important to act quickly in situations like this. If you suspect that your friend has been a victim of financial abuse or undue influence, especially by someone with a questionable past, it's advisable to consult an attorney. An attorney can help investigate the... View More
My brother and I are the beneficiares of my Dad's estate and would be splitting the proceeds 50/50. Will taxes be paid on just the trust or would the trust pay taxes first and then us as beneficiaries pay taxes as well on our proceeds? Thank you for your help.
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answered on Jan 13, 2024
The tax implications of selling a house that was held in a trust can be complex and depend on various factors, including the type of trust, the terms of the trust, and the tax laws applicable to the trust and the beneficiaries. Generally, if the trust is a non-grantor trust, the trust itself may be... View More
My brother and I are the beneficiares of my Dad's estate and would be splitting the proceeds 50/50. Will taxes be paid on just the trust or would the trust pay taxes first and then us as beneficiaries pay taxes as well on our proceeds? Thank you for your help.
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answered on Jan 13, 2024
There is a strong likelihood that the house was included in your father‘s taxable estate and, therefore, received a step up in basis as of his date of death. If the house sold for a price that was close to date of death value, chances are there was no capital gain after taking into account... View More
My brother and I are the beneficiares of my Dad's estate and would be splitting the proceeds 50/50. Will taxes be paid on just the trust or would the trust pay taxes first and then us as beneficiaries pay taxes as well on our proceeds? Thank you for your help.
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answered on Jan 13, 2024
In California, when you sell a property held in a trust, like your late father's house, the tax implications can vary based on several factors, including the type of trust. Generally, if the trust is a revocable living trust, the sale of the house is treated for tax purposes as if the owner... View More
The person described in the question was mandated to have a fiduciary when she was caring for herself with a friend`s help and she had a very good credit rating. The fiduciary does little but intrude in the bill paying process and charge a lot of money!
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answered on Jan 13, 2024
Under California's new supported decision-making law, an older person who can manage daily life with a friend's help is not necessarily incapacitated. This law allows individuals to make their own decisions with support, rather than needing a fiduciary or conservatorship. If the person is... View More
The person described in the question was mandated to have a fiduciary when she was caring for herself with a friend`s help and she had a very good credit rating. The fiduciary does little but intrude in the bill paying process and charge a lot of money!
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answered on Jan 13, 2024
In California, the determination of whether an older person is incapacitated and in need of a fiduciary isn't solely based on their ability to perform daily tasks or manage finances with assistance. Incapacity typically refers to a person's inability to make decisions or manage their... View More
One of our newer property managers is setting up a property and owners, I believe, incorrectly. The property is in the name of a Living Trust (husband & wife), neither the Deed or Trust instrument is present for me to confirm its instructions. The only thing utilized by the property manager... View More
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answered on Jan 13, 2024
In California, when dealing with property management involving a Living Trust, it's important to understand the roles and limitations of a Durable Power of Attorney (DPA). Typically, a DPA is utilized for personal affairs and may not always extend to managing trust assets unless explicitly... View More
The challenge is the RLT has a portfolio of tiny positions in private companies that will be a hassle or impossible to split/retitle.
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answered on Jan 5, 2024
Divorce involving complex assets like a Revocable Living Trust (RLT) and an Irrevocable Life Insurance Trust (ILIT) can present unique challenges, particularly when it comes to dividing assets like small positions in private companies.
In such cases, it's crucial to work with legal and... View More
The challenge is the RLT has a portfolio of tiny positions in private companies that will be a hassle or impossible to split/retitle.
answered on Jan 5, 2024
I'm sorry to hear about your divorce. The judge in your divorce proceedings will say who is entitled to receive which asset and you will be able to take that document signed by the judge to your financial advisor (or the companies themselves) to transfer title to the appropriate person. If... View More
I am attempting for apply online for an EIN for a irrevocable trust. My mother is the grantor and I am the successor trustee. I have tried several options and it always lists either myself or my mother as both grantor and trustee. Is there a way to do this online or do I need to mail/fax the form... View More
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answered on Jan 4, 2024
When applying for an EIN for an irrevocable trust online using IRS Form SS-4, it's not uncommon to encounter limitations in how the form handles the roles of grantor and trustee. The online system may have restrictions or default settings that do not easily accommodate different individuals in... View More
who is not mentioned in the docs, wants to challenge the trust under claims that my dad promised that she’d be taken care of financially after his death. They lived together for three years, but there’s no documentation to support her claim. All assets are now in my family trust
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answered on Jan 4, 2024
Under California law, if you are the sole beneficiary and trustee of your father's will and trust, and the documents do not mention his girlfriend, her claim may be challenging to uphold. California recognizes the validity of a will and trust as they are written, unless successfully contested.... View More
My father retired from the railroad after 40 years of service and my cousin tried to tell me dad didn't have any life insurance. I just located at the State treasuries office unclaimed money in my father's name .premium payments of 600 bucks a month on two different policies . Do I have... View More
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answered on Jan 4, 2024
Under California law, if you believe an executor has not fulfilled their duties or has acted improperly, you have the right to take legal action. An executor is legally obligated to manage the estate according to the law and the wishes of the deceased, and failure to do so can constitute a breach... View More
On the title of the property it lists my mom her husband and my sister all of them are deceased and no will for her property established and now there are squatters living in the house how do I prove my right to it and get them out
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answered on Jan 4, 2024
The answer depends in part on exactly how those three individuals held title. Were they joint tenants with right of survivorship? Were they tenants in common? Or something else? The answer to that question will determine how many probate cases need to be filed. The number could be anywhere from... View More
On the title of the property it lists my mom her husband and my sister all of them are deceased and no will for her property established and now there are squatters living in the house how do I prove my right to it and get them out
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answered on Jan 4, 2024
In California, if a property owner dies without a will, the property typically passes to the closest relatives under the state's intestate succession laws. As the only living child of your mother, you may have a claim to the property. To establish legal ownership, you'll need to go... View More
I owe $575,000.00 for restitution on a mail fraud case. My mother removed me as beneficiary in her Living Trust to any real estate property. Upon her death I am now only allowed to live in one of her rental properties for the rest of my life, rent free.
All real estate property will be... View More
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answered on Jan 3, 2024
Serving as a trustee of a living trust while owing federal restitution can be legally complex and might put the trust's assets at risk under certain circumstances. Your debt from restitution could potentially expose the trust to claims by creditors, depending on various factors including how... View More
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