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hello, my father passed away about 2 years ago. he was not married and I’m his only child. he did not have much just a car that was paid in full and a bank account which i was the beneficiary from. I have the death certificate, bank information and car title.
answered on Dec 30, 2024
You may need to file for voluntary administration or petition for probate so that you may be appointed administrator or personal representative, depending on the value of the assets he left behind. Once appointed, you can then transfer title.
1) If I claim the money do I also assume the debt?
2) If so, can the debt be for more than the claim?
3) He was divorced at the time of his passing. Would an ex-wife be considered a surviving spouse? She passed after him
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answered on Aug 15, 2024
To claim the money you will need to be Personal Representative or Voluntary Administrator (for smaller estates) of his Estate. If you are, you will not assume his debt individually, the Estate would, the Estate needs to pay liabilities prior to distributing to its beneficiaries. If you have been... View More 
And so what do I do?
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answered on Jul 26, 2024
It sounds like a difficult situation you're facing. If you believe you are entitled to a portion of your parents' money that your sister took, you should start by gathering any documents that show your entitlement. This might include your parents' will, bank statements, or any other... View More
And so what do I do?
answered on Jul 25, 2024
I'm sorry to hear about the situation with your parents' estate. In cases where you believe you are entitled to a portion of your parents' money that was taken by your sister, there are several steps you can take to address the issue:
1. Review the Will and Estate Plan... View More
Can a property deed for jointly owned property in Massachusetts contain language (if mutually agreed upon by the joint owners) within the deed that prevents any joint owner of that property from selling his share of that property without the consent of the other joint owners and if so is such... View More
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answered on Jul 23, 2024
Such an executory estate might be drafted, but it would be difficult for the other tenants to enforce. It could also be deemed unenforceable as a restraint against alienation. No competent attorney would draft such a questionable conveyance. There are many other estates to consider which will... View More
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More
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answered on Apr 27, 2024
In the United States, irrevocable trusts are generally not required to pay income taxes on monetary gifts they receive, as long as the gifts are within the annual gift tax exclusion limit. For the tax year 2024, the annual gift tax exclusion is $18,000 per recipient from each donor. This means that... View More
Id like to know:
Are Irrevocable trusts legally responsible to pay income taxes on any monetary cash gifts they receive within a single calendar year or is such money gifts the trusts acquire, exempt from any taxation requirements ?
(fyi: In this particular situation the money gifts... View More
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answered on Apr 26, 2024
At the federal level gifts are not taxable to the recipient. The gift giver might owe gift tax but that is highly unlikely to apply to such small amounts. Some states might have lower gift tax exemptions but, again, even those would be unlikely to impact such small gift amounts.
I have 3 questions:
1) Can money be gifted to a irrevocable trust?
If so
2) Is their a maximum amount allowed to be gifted in a certain period e.g like yearly etc?
3) Can a trustee and beneficiary to the same trust also gift money to the same trust?
Thank you
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answered on Apr 12, 2024
Yes, money can be gifted to an irrevocable trust. However, there are some important considerations and limitations:
1. Gift tax exemption: As of 2024, an individual can gift up to $18,000 per recipient per year without triggering the need to file a gift tax return or pay gift taxes. This is... View More
Does this clause in a irrevocable trust I am trustee to allow me the legal right to make distributions of commercial rental income the trust produces to beneficiaries to avoid the trust paying high estate taxes on that income? Thankyou
"POWER OF TRUSTEE: To make allocations, divisions... View More
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answered on Mar 2, 2024
Based on the trust clause you have provided, it does appear that as trustee you have fairly broad discretion to make distributions of trust income to beneficiaries. The language specifically gives you power as trustee to "make allocations, divisions and distributions of trust property"... View More
my partner wanted me to have money to move on when he passed ,he left instructions with his only son to take care of me i had 3 months to move out ,which i did. know he want honor his fathers wishes ,he dyed in my arms in his home like he wanted and I have no closer ,can I go after his estate ,I... View More
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answered on Feb 2, 2024
In Massachusetts, if you were in a committed relationship with your partner for over three years and he expressed his intention for you to be taken care of after his passing, you may have legal grounds to pursue a claim against his estate. However, the success of such a claim would depend on... View More
I received multiple figurines from FedEx ( I doubt the shipment was insured) as part of a Trust distribution shipped from CA to MA. It's quite obvious that the largest figurine was not packaged properly-wrong size box, minimal packaging. Also enclosed was a letter from the Trustee to be signed... View More
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answered on Jan 15, 2024
In situations where a trustee is responsible for distributing assets from an estate, they generally have a duty to act with reasonable care and prudence. If the figurines were part of the trust distribution and they arrived damaged due to poor packaging, the trustee might be considered negligent in... View More
I received multiple figurines from FedEx ( I doubt the shipment was insured) as part of a Trust distribution shipped from CA to MA. It's quite obvious that the largest figurine was not packaged properly-wrong size box, minimal packaging. Also enclosed was a letter from the Trustee to be signed... View More
answered on Jan 15, 2024
A trustee has a fiduciary obligation to the beneficiaries of a trust and should act at least in a reasonably prudent manner. Be sure to save ALL of the packing materials, etc. and take pictures. Notify the trustee of the issue and ask about the insurance details for the shipment. In my opinion,... View More
If the house is appraised at $450,000, does my brother pay me and my other sibling ⅓ each ($150,000) or ½ each ($225,000)? Since he will be owning the house and could turn around and sell it at any time, does he also get a portion (1/3) of its value? Is that getting two bites of the proverbial... View More
answered on Jan 15, 2024
If you and your siblings each now own a 1/3 interest in the property and one sibling wants to purchase your interest and the interest of the other sibling, then the sibling would pay 2/3 of the fair market value (give or take depending on how the other costs, savings are addressed). The sibling... View More
I have a question regarding potential liability if my father, who has been diagnosed with Alzheimer's and Lewy Body Dementia, has an auto accident while driving. Although his neurologist has stated that local driving is permissible, and he has a clean driving record with no tickets or... View More
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answered on Apr 12, 2025
As long as your father has been cleared to drive by his neurologist and has a clean driving record, you and your sisters are unlikely to be held legally liable for any accidents he may cause. Liability for an accident generally falls on the driver and their insurance, not on family members unless... View More
I recently had an experience in Massachusetts involving a traditional IRA where I am the designated beneficiary. The bank is requesting that I open a traditional beneficiary IRA to receive an immediate payout. Is this a common or required procedure for payouts, and are there any alternatives?
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answered on Mar 24, 2025
You typically don't need to open a beneficiary IRA for an immediate payout, though some financial institutions have specific procedures. When inheriting an IRA, you generally have options including taking a lump-sum distribution, transferring to an inherited IRA, or in some cases, transferring... View More
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answered on Feb 9, 2025
In Massachusetts, a funeral home should not publish an obituary without the family's consent. While obituaries are not legally required, they often contain personal details that the family has a right to control. Unauthorized publication could raise concerns about privacy and respect for the... View More
I want to contest a will, and I am the aunt of the person that died and left the entire estate to his fiance and goddaughter. I am listed as an heir in the will but he left nothing to any family member. He never married, no siblings, no parents, only an aunt, and 2 cousins. The estate, > $1... View More
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answered on Jan 15, 2025
You have not stated any grounds for a Will Contest. Unless you are a next of kin or have another Will, you have no standing to file suit anyway. Contact a competent MA attorney with the facts, including the kind of assets involved.
Together decedent's Federal and Massachusetts income tax refunds received after their death total $1587.00, plus $25.00 in federal interest on the late refund. Is the Personal Representative, required to report the refund amounts as income on Federal Form 1041, income taxes for the estate? and... View More
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answered on Jan 14, 2025
Yes, as the Personal Representative, you need to report the tax refunds and interest as income on Federal Form 1041 for the estate. The $1,587 in federal and Massachusetts income tax refunds, along with the $25 federal interest, should be included in the estate's income since they relate to... View More
For a testator who died in 2024, without a spouse, and if there had been no generation skipping transfer, would not owe estate tax or have anything, (no gifts), requiring that a federal Form 706 be filed, because the net estate, (less than 500k) is well below the decedent's lifetime exclusion... View More
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answered on Jan 14, 2025
In your situation, even though the estate and the generation-skipping transfer are below the applicable exclusion amounts, filing requirements may still apply. Generally, Form 706 must be filed if the gross estate exceeds the filing threshold for the year of death. However, since your net estate is... View More
answered on Jun 7, 2024
Have you retained an attorney or filed for probate? The first step would be retain an estate planning / probate attorney that will file for probate.
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