My father just found out he was beneficiary to half of the home. My father will probate the will, Is my uncles estate due the half share? There are no clauses in will regarding either heirs death when will is probated. No mention of their in-laws or estates. This is in NY.
Bottom line ...no. Once an asset is in an irrevocable trust, which is what a MAPT is, you give up control of those assets. You may still be able to receive income from the trust, but you may not transfer, sell or use assets. You would appoint a trustee to control the assets. As for the corporation,...Read more »
My father was a beneficiary of an estate that was not settled prior to his death. After my father passed, we hired an attorney only to probate his will and assign an executor. Our attorney got involved with the attorney for the estate my father was a beneficiary of. We were told that we should not... Read more »
You can request the checks be made a certain way, but if I were the lawyer for the first estate, I would insist that the check be made to the Estate of your father, and a release be signed by your father's executor. If you can get the lawyer to do otherwise, it is not illegal.
My mother who is sick and has Alzheimer’s has a condo in Florida that isn’t being used. We live in NY. It is in the family trust. It is willed to my estranged sister after mom passes. The maintenance fees are 400 a month plus taxes, and I would rather use that money towards her care or save... Read more »
As Trustee, you have the power to administer the trust and the assets contained in it. The Trust agreement will dictate what you can and cannot do. The Trust agreement would need to be reviewed before a proper opinion could be provided.
You could repost and add Real Estate, Probate, and Estate Planning as categories - those areas of law are closer to the issues you raise than the Family Law category is. Not every question is picked up, but you could have better chances there. Good luck
Normally, if she left a Will it would need to be probated. If no Will, an Administation proceeding would need to be brought in the county where she resided before death. The person petitioning may then need to make a second petition in Puerto Rico in order to have power there. It can be a complex...Read more »
Your post remains open for four weeks. Not every question is ultimately answered on this board, but you could try reposting under Puerto Rico to seek legal insights from attorneys who practice in Puerto Rico, where the house is situated. If you still receive no response, you could reach out to...Read more »
Family member A has Family member B as beneficiary in their will. Family member A's financial advisor has Family member C as beneficiary. What entity take precedence upon death of Family member A's death?
Generally, a Will only has power to dispose of assets owned by the decedent after death. Therefore, an asset such as an investment account that has specific instructions designating disposition of the asset upon death controls.
a bank Credit card in his name only, she has been paying the monthly payment since he died, Is she responsible for this card since he's passed and can she get all the money back she has paid since he died?
I'm sorry for your friend's loss. It would be better if you or your friend posted this under Maine questions. Laws in certain areas could differ from state to state. There's no guarantee that all posts are picked up, but there could be better chances of a response there. You could...Read more »
My mother's will states that the estate will cover final expenses. I laid out the funds and my siblings reimbursed me their share of the cost. The estate has not reimbursed me for my share. (I have no idea if the estate paid them back). The attorney for the estate is trying to get me to... Read more »
The widow does NOT pay for property taxes, property upkeep, home insurance etc. Nor will her estate benefit from a sale. The 2 step children are remainderman beneficiaries and the late husband always paid those bills, in the lifestyle she had been accustomed to for 30 years.
I have an LLC that holds a Brooklyn residential property. I have an LLC that holds a South Carolina property. Let's say that a resident of the Brooklyn property sues me, receives a money judgment and exceeds the insurance payout. Would they be able to go after the equity in my LLC (that holds... Read more »
As long as you are operating the LLC as a distinct and separate entity, liability is limited to the assets of that LLC. To go after you personally or your assets, someone would have to show that you are not operating the LLC as a separate entity, that you are commingling funds and ignoring the...Read more »
Medicaid can look back 5 years when someone applies for institutional nursing care. That applies to transfers to individuals or trusts. Non-institutional care has no look back period right now but will have a 30 month look back starting next year.
I am a beneficiary for two properties. One of the properties I currently live in and the deed is half in my name. The other half is in my late relatives name. The second property I am owed half from the sale of the administrator. No wills were left from my late relatives. I went to mediation and... Read more »
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