Won't let me edit main question, but please read-on... I purchased my fathers remainder interest last year at a value based on Minnesota's "Life Estate Mortality Table" which seems to be the same for all states. I fixed-up the home and am selling so will need to calculate value... Read more »
Your basis in the remainder interest is what you paid for it plus any other costs of acquisition, such as recording fees and documentary transfer taxes, if any, and title and escrow fees, if any. As far as the sale price goes, it is whatever the market will bear. Consulting actuarial tables is...Read more »
If your mother died without a will or trust or if her will or trust provides for outright distribution of your inheritance to you, then the best you can do is create your own first party supplemental needs trust if you are still young enough to be eligible. There are other options such as a pooled...Read more »
ok what the deal is when my dad passed away I had to sign for a release of a death certificate of my dad with the funeral home for my stepbrother who is not a biological son of his. But yet they gave my dad's girlfriend 10 death certificates without me signing for the release of any death... Read more »
Usually, until a court order is established either parent is entitled to possession of the child. Some states give the mother possession depending on the age of the child. Seek the advice of a family law attorney as soon as possible.
I'm unsure why this is posted in the Minnesota jurisdiction, but the answer should generally be "no". A Trust is a vehicle designed specifically to avoid probate, no matter where it is created or where the person who created it (called the Settlor or Trustor) passes away.
My 79 yo father created a revocable trust in 2015, he was original trustee. Trust named his 6 children as equally-divided beneficiaries, & the "beneficiary's issue" if the child has died. My brother died March, 2019; my father died August, 2019. My brother married twice. No... Read more »
That mistake is probably going to be difficult if not impossible to correct. This is why estate plans should be reviewed and updated periodically. The only way for any attorney to be able to provide you with definitive advice would be to review the actual wording of the trust instrument. This is...Read more »
We have very little money and possessions. If I die first, I want her to have the benefit of any finances remaining. I will soon be assigning an executer and durable power of attorney and just want her to be taken care of.
To complies your goal of leaving everything to your wife, a wil gets the job done but if she is not good with handling her finances trust is far superior because it avoids probate and her inheritance could remain in trust under professional management.
I have three other siblings whom three of us had borrowed money in the past. I borrowed $6,000 in 1983 and paid it back nine months later. I have a sister that borrowed $5,000 in 1975 and never paid it back. This is noted in the will.
Can I charge her interest on the amount or at least... Read more »
This question really cannot be answered without reviewing the precise language in the will and the promissory note evidencing the $5,000 loan. The question about whether the loan bears interest is actually a little more complicated than you think. It gets even more complicated if there is no note...Read more »
My grandmas conservator chose to remove beneficiaries of investment annuity accounts and transfer them into her estate for probate. My grandma already had assets in her estate to cover any expenses, and after she was deemed incompetent by the court, her attorney submitted a new will and sealed it... Read more »
There might have been legitimate reasons, but it sure does sound fishy to me. If I were you, I would hire a local probate attorney and petition the court to appoint you executor and to probate her previous will or, if you can't find it, to probate her estate as an intestate estate. That will...Read more »
This is a lake property. In past years we ran it as a resort. For 20 years I worked (unpaid) at the resort. I feel I have a vested interest in the property. My parents want to transfer the property to me and move to senior living. We met with an attorney. She gave us two options. My parents could... Read more »
An irrevocable trust that does NOT reserve to the settlor the ability to change beneficiaries but it still classified as a "grantor" trust, the assets of which are includable in your parents' estate, would solve your problem with respect to ensuring you get the property eventually...Read more »
The seller won't be at closing and pre-signed all paperwork but the title needs to be transferred to a trust without ever being put into the name of the buyer. It needs to go directly into a Trust. Can this be possible if the seller pre-signed?
If the seller has already signed the deed to the buyer, then no, not without having the seller sign a deed directly to the trust instead, and if you are going to do that, then there are other papers that will need to be signed and some redone as well. There needs to be an assignment of escrow from...Read more »
She was adopted as a baby and is now 42. If she doesn't have a will, or that her wishes are spelled out, will her biological mother/siblings be entitled to what she owned after she passes away, or would it go to her adopted family?
If someone passes away without a Will, they are deemed to have died Intestate. Minnesota then sets forth a "default estate plan" for the person. This default plan basically sets forth that the persons closest living family members have priority to act as the Personal Representative (or...Read more »
In his personal bank account. She said that in a few years when she is in a lower tax bracket then she would give it out. Nothing went to probate and has done not followed thru with her fiduciary duties. He passed in 2017. Can creditors come this late collect any monies?? This has been difficult... Read more »
This question should be reviewed in detail by a probate attorney. The largest issue here is probate assets versus non-probate assets. While your sister may be the Executor of the Will, this only extends to probate assets (or assets in your father's name alone with no beneficiary designations...Read more »
Prior to signing a receipt and release of the Executor (or Personal Representative), a beneficiary of the estate has the opportunity to review a detailed accounting of the estate. An accounting should set forth the probate assets and the payments made by the estate. These payments can include...Read more »
As a criminal defense lawyer, I don't know which, if any, such law exists. Perhaps it does. When someone claims a law, unless it's a criminal law I generally ask them for the Statute citation number. Then we can read it online. If the problem relates to disposition of the personal...Read more »
Medical Assistance laws, including Elderly Waiver (EW), are incredibly complicated and can have harsh penalties if there are any financial issues or reporting mistakes. Also important to remember is that each state has its own Medicaid laws (Medical Assistance in MN), so you cannot rely on an...Read more »
Generally, the answer to this is no. The Principal should not need to be present for his or her Attorney(s)-in-Fact to use the Power of Attorney document. In light of the recent epidemic of misuse of POAs and the exploitation of the elderly, many banks have attempted to institute additional...Read more »
The answer to this question depends on what you would like to happen with your assets after you pass away. Minnesota does have a default estate plan for individuals who die without a Will. This process is called Intestacy. Basically, Minnesota law will assume that your closest living relatives are...Read more »
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