I am the personal representative of my daughter's estate. She is divorced and I have about $40,000 to be divided equally between two minor children. When I write the check to the father from the estate account, how do I fill out the "payable to" blank? (Michigan)
minor children will be recipients of a lump sum pension check that will have tax deferred status, I think. Assuming the father will receive and control this money, (pension money is from divorced, deceased mother of minor children) I, as the representative will be transferring the money over. If I... Read more »
The tax status of 'pensions' is defined by law, and with the exception of surviving spouses, you cannot defer the taxes for long. If a NATURAL PERSON is named as a beneficiary, there is a possibility of extending the tax 'window' but minimum distributions are required each year,...Read more »
My son a couple years ago not sure why but, laughed and told me one day when he passed i would become a rich woman because, he had just made me beneficiary to his 401 k. i ask this because he passed from cancer recently . during a conversation with his wife who told me he had left his 401 k to... Read more »
You have multiple options, but there is not enough information here to suggest the one that is optimal. My best advice would be to contact an estate planning attorney for assistance. He or she will want to take into account your age, the ages of the children, their maturity and financial acumen,...Read more »
If I am correct how does a beneficiary uncover what happened to the assets that they were named as beneficiary on? For example abuse of process, forgery, elder abuse, etc. Also, the entity holding the assets what duty did they have to notify each beneficiary?
The short answer to your direct question is 'yes'. Property with named beneficiaries does not pass through probate and is instead transferred directly to the beneficiary with the provisions in place by the asset holder (usually a request and a certified copy of the death certificate) to...Read more »
Provided her illness didn't impact her mental abilities, there is nothing necessarily improper about the facts you state. If you have questions, I would urge you to consult with a local probate and estate planning attorney ASAP.
-- This answer is offered for informational purposes only...Read more »
Special needs person living on SS, is low income & on Medicaid. He received a $7000 check after his mother died. We are trying to find out what we can do so he doesn't get kicked off Medicaid. This money is everything he has in the world. He can't afford medical insurance and... Read more »
Whatever he does, he shouldn’t transfer the money to your sister. That would be considered in uncompensated transfer and would generate a penalty period And he will not have the funds to pay through that period of ineligibility. The easiest solution is to spend the money quickly on services such...Read more »
Not sure what you are asking. Were assets left by will or beneficiary designation? If by will, then the person to contact would be the personal representative. The court resolves conflicts in distribution but generally does not supervise the actual distribution.
A divorce will ALWAYS impact jointly owned property, and the fact it is placed in a 'trust' for some estate planning or administrative purpose doesn't mean a divorce court shouldn't or couldn't 'delve into'...Read more »
Without seeing the documents (the will and the loan documents) it is impossible to say. GENERALLY when there is a lien against a piece of property the person 'inheriting' it needs to pay the loan. SOME wills specify loans should be paid from the estate first and any inheritance is made...Read more »
I am the beneficiary of an irrevocable trust that my father left. The terms are pretty simple. I get 4% a year from the trust, plush 18k/yr for medical, at the banks discretion. The trust began at a bank that has since switched companies 3 times and is now Huntington Bank. When I have asked in the... Read more »
You can use one of the several companies (some more reputable than others) that will buy an annuity or other 'stream of payments' like you receive from this trust at a 'discount' and pay you cash up front. This will likely turn out to be MORE Than 5% interest you're paying...Read more »
Depends on what you mean by "obligated". You can reject a gift - called a disclaimer. But there is generally no negotiating; the personal representative must present to you what the will says you are entitled to - no more or less.
First my condolences on the loss of your wife. Unfortunately not. However, you can file an application for probate with or without a will. You will be appointed personal representative to manage your wife's affairs. if there are no objections or complications the probate should be...Read more »
Leaving me and my 2 sons out of the what will states. More. 2 1/2 yrs. Had an attorney for 2 yrs, got all discovery, to then in 5 minutes got taken away because attorney wasn't filing subpoenas with court. Tried representing self,for now I'm in debt with fees. Between estate lawyer and... Read more »
It sounds like you already had an attorney that you fired/didn't pay? Without seeing ALL the paperwork and doing the research on this long case, it is impossible to provide any real guidance. I would suggest either going back to the attorney you had, or if you believe he did something improper...Read more »
Dad deceased 05/01/2021; he did a Will in 2004 naming his 4 children as beneficiaries; upon the wife selling the home his last wishes were to give each one of us (his 4 children) $20,000. But after selling the home she only gave 2 of the children $20, 000 and did not give the other two children... Read more »
This is a very fact-dependent situation. If your dad and his wife owned the house as joint tenants, then it's sale is not subject to the terms of the will. Once your dad passed, the house became his wife's by operation of law, for her to do with as she pleases. She effectively made gifts...Read more »
In the process of buying a home. Trustee passed away after purchase agreement signed. Other trustee alive. Home was given as life estate to the one that passed. Trust stated he could sell and had to share profit with any living trustees. (Sister gets 1/3). Is the purchase agreement still valid?
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