Yes, you could - subject to some caveats - move assets to a trust after taking a loan on the asset. By taking a loan on the asset, I'm guessing you mean you've borrowed money that is secured by a lien on the asset.

The most common situation where this comes up is where a person... View More

Probably not, and depending on where in the probate process the estate and what type of estate it is, it could be unlawful or at least unwise for the personal representative to do so.

The person wanting to buy the house could propose a promissory note agreed to by the personal... View More

I concur this isn’t a ‘crime’ so be careful how you approach this. A ‘crime’ requires intent and this — particularly with the response of the company trying to ‘make it right’ — shows there is no criminal intent, just a very unfortunate mistake. It is ‘negligence’ at best and... View More

It very much matters whether both names were on the deed. It also matters - moreso - whether this newly created trust was funded. That would mean a deed was signed by the now deceased spouse placing the home into the trust. Even with that, the surviving spouse could elect his or her spousal... View More

You will certainly need a court order. No medical facility is going to proceed otherwise on such an old directive, especially when there has been care to the contrary since then. There's simply way too much liability here to get it wrong.

You probably don't need a codicile for this as much as you do a change to your life insurance's beneficiary designation. Unless your beneficiary designation calls for your insurance to go to your estate, the insurance company will pay out whomever is listed on the beneficiary designation... View More

They both could be legally binding. It depends on what the first trust says happens to the funds once one spouse dies (in this case, the husband died first). That trust could say "once the first spouse dies, everything goes to the surviving trust". If that's the case, then the... View More

They could try, but they would need to fall within the priority list of people who can serve as a personal representative - generally meaning they would need to be more closely related to the deceased person. AND they would need to convince the probate court judge that you are not performing your... View More

If your spouse dies before you, you would then legally be considered single. To the extent your spouse does not have an estate plan, joint accounts, or beneficiary designations to the contrary, the lion's share of his or her property would go to you as the surviving spouse, with any remainder... View More

If the grantor has passed, there should now be deeds filed effectuating new ownership. You could elect not to be on that deed, and therefore you would have no ownership interest or responsibility. Regardless of what you agree with with the other remaindermen, all of you should work toward... View More

You transfer your property interest to someone else, usually one or all of the other co-tenants since they are the ones who will get the most value from that. HOW you do that depends on what you would like to get out of the deal. The best response is to contact a local lawyer to discuss your... View More

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answered on Jun 6, 2024

Without reviewing the deeds, which would be necessary to give a definitive answer, assuming your grandfather was added to the deed as a joint-tenant-with-right-of survivorship, he received a half step-up in income tax (capital gain) basis when your grandmother died. Since then, it's likely the... View More

There will be an ‘offset’ for ant mortgage, but if you’re asking about the capital gains the answer is ‘welcome to the downside of quit claim deeds. You have acquired the basis for tax purposes of the original owner and will need to pay capital gains.

Absent some other facts you... View More

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answered on May 1, 2024

I'm sorry to hear about your situation. Navigating probate, estate matters, and military records can be complex, especially given the circumstances you described. Here are a few steps you can take to gather more information and seek assistance:

1. Military records: To obtain your... View More

It will depend on what the Letter of Authority provides- whether the property can be sold or mortgaged during a time that the estate action is open, will be determined by the Court. Additionally, it will depend on whether the decedent died intestate or not - but it is not uncommon that one or more... View More

The LLC membership interests will be part of your husband's intestate probate estate. Consequently, state law will determine the ultimate beneficiaries.

Both of you should endeavor to get operating agreements done for the LLCs and you should both get wills and, at least, a revocable... View More

There is no such thing as common law marriage in MIchigan. There are no rights obtained from co-habitation. You appear to be on the right path but I would suggest that you also have a complete estate plan prepared for him including a trust while he is still competent enough to know what he is... View More

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answered on Mar 1, 2024

In situations like this, it's essential to understand your legal rights and protections as a tenant or cohabitant in the home, especially if there was no formal rental agreement in place. Generally, without a written agreement specifying otherwise, the ex-girlfriend's demands may not have... View More

You are in a very tough spot. The ex-girlfriend is a co-owner of the house and so she can evict you. I did not see you indicate that you are legally married to your partner. If that's the case, and in the absence of legal documents to the contrary signed by your partner, you have a tough... View More

Yes, your father can disinherit your siblings. Be advised that your siblings may contest this in Probate Court by claiming that he was unduly influenced to do so, or that he was not of sound mind when he made that decision. These types of probate challenges can be expensive and emotionally damaging... View More