In the case of divorce - Trust 1, which has a clause that names the beneficiary as spouse A & states distributions are not community property, owns an S corp (an LLC). The S corp paid distributions to spouse A, which were claimed jointly as non passive income in a community property state (AZ).... Read more »
Unfortunately, you are asking a very difficult question. The answers hinge on the documents currently in place as well as the status of the divorce. The attorney will need to see if there is premarital agreement in place. If so, that agreement may control. We also need to look at the S...Read more »
No. If the estate is named as the beneficiary the financial institution will require a Personal Representative (the term for Executor in Oregon) to be appointed by the Court in order to receive the investment account balance.
If you wish to avoid probate you can name your beneficiaries...Read more »
I am always slightly concerned in dealing with dated documents. Particularly the Power of Attorney and Health Care Directive. The Uniform Power of Attorney Act came into effect in 2017 - as such, I often recommend that these documents be updated. However, of course, an attorney...Read more »
There is no set deadline by which to open probate, but filing sooner rather than later is always best because you need to gather a lot of information and things like bank statements are harder to get the longer you wait. So May 31st will be just fine. Best wishes!
I'm very sorry for your loss. Your question didn't completely come through but I'm guessing you're asking on controlling the disposition of your brother's body. Since he died in Massachusetts you should consult an attorney in that state. If his wife is unable to give...Read more »
I believe you want to do a 1031 exchange of property. [That's Internal Revenue Code Section 1031.] If that is accurate, whether the property is inside or outside a trust will not matter. Speak with your investment advisor, financial planner or CPA to determine if your properties qualify for...Read more »
Both my sister and I are over 18 oh, and my father passed away. We both have been living in the house helping take care of him. He told us that both my sister and I would be getting 50% of the house. We have not been able to locate a Will anywhere, and I know we are supposed to pay inheritance tax... Read more »
There are too many unanswered questions right now to give you a specific answer in this type of forum, but you are fortunate that there are no mortgages or liens on the house. You should meet with an experienced estates attorney to assist you in opening an estate administration (since there is no...Read more »
Absent very unusual circumstances, you can sell anything you own to anyone you want. And having a will does not prevent you from selling anything you own. However, these are very general answers to very general questions. Clearly you are concerned about or troubled by something. Follow your...Read more »
Yes, she can gift the house to her son with a Quit Claim Deed. She can also do a Transfer on Death Deed. Lastly, she can create a living trust with her son as beneficiary. All of these will avoid probate, but the Transfer on Death Deed gives you the most bang for the buck. I would seek an...Read more »
Nothing is automatic except beneficiary designations and joint accounts. But yes, most people's estates do not exceed the spousal elective share and so substantially everything goes to the spouse. That is by design because the public policy behind that is that 1) we can safely presume that...Read more »
My brother is the excector of my Mom's estate and he has sold all of the household goods in order to pay his attorney to fight me in court, can he withdraw money from the estate without judge approval?
Most likely yes, but a lot of it depends on the language in the Order which appointed him as executor. Also, you might be able to go to Court and context the disbursements-----contact a succession lawyer in your are and arrange a consult to specifically discuss your matter. Good luck.
I have lived in family house about 30 years, maintained all of it, paid all taxes to date. My mom used priest many years ago to put house in me and my bro name when she died but house only went in his because of a nasty divorce I had when younger and I cannot find the priest or have paperwork. My... Read more »
I'm 23 years old, and my parents have power of attorney over me - I agreed to it at the time, they presented it in a way that seemed reasonable and I didn't realize THAT'S CRAZY. They have both the medical kind (HIPAA permission?) and durable PoA for non-medical stuff.
You can revoke at any time in writing. Ideally, you simply create a new POA that revokes all prior POAs. You should send written notice to whomever is named agent under your POA being revoked. That way, if they attempt to act, they are doing so knowing their authority or revoked, which makes them...Read more »
He now wants to include her in the will. He wants to make all the decisions on this and will not let his adult children help make this decision. He has some dementia, gets confused easily and should probably be in a nursing home. As of right now he had a will made out 7 years ago with me being the... Read more »
No, if title is in both of your names, and not joint title with right of survivorship (or something similar), should she predecease you, the property will not be solely in your name. Her estate would own half. Talk to an estate planning attorney.
By "a wife's rights to everything", I'm assuming you mean the surviving spouse's right to a share of an intestate estate. Generally speaking, if the husband dies leaving a probate estate and leaves a surviving spouse, the surviving spouse is entitled to the first $240,000...Read more »
The Testator can ask the Clerk & Master of the Chancery Court to hold onto the original Will until it is needed by the Executor for Probate. However it is not required and is rarely utilized. Usually you have to search for the Will amongst the Decedent's belongings. A copy of a...Read more »
The great aunt has a will and the executor is her niece. Does she need to include this in her will? should we do a deed transfer now so we avoid the most taxes? what is the best route to avoid the 15% inheritance tax?
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