The difference you are looking for requires an attorney who understands the SSI income and asset rules, AND the language in your trust documents.
As you know, if you have income, or if you have assets that exceed the levels allowed by SSI, SSI reduces or cuts off the monthly income you need to pay your living expenses..
You need an attorney who understands what those trusts say, and how transferring your settlement money to the trusts affects your SSI income. Until you get solid counsel...
It sounds like the financial institution is petitioning to become administrator of the estate of the second - to - die parent.
If your parents owned the house jointly, the surviving parent would have owned the property at death, and something must be done to establish who owns it now.
Massachusetts Probate Law says that a creditor can petition to administer an estate if no one in the family steps up:
Massachusetts banking law explains the ITF designation at:
John L. Roberts
Elder Law, Estate Settlement, Estate Planning, Probate, Disability Law
Your question is important to many people who are currently providing care for parents and grandparents. A valid Caregiver Contract can provide a way for family members to be paid for the work they are currently doing for elders in their family. Unfortunately, Medicaid does not honor retroactive payments for work done in the past.
You can help friends and family members by sharing your experience, and explaining to them how they can provide care in the future, and get paid for it, if they...
You mention in your question that the house is now on the market. If you get a buyer, and need to close promptly, it is possible to convey title to the property without getting a license to sell (or a 'right to sell' as you refer to it) from the Probate Court.
You didn't explicitly say that the will has been probated (proven) by the Probate Court, but for the sake of discussion, I assume that it has, since you did say that you are a co-executor.
Massachusetts law has a very peculiar way...
You should begin with a visit to an Estate Settlement and Probate attorney who is also licensed in Florida, or who can associate with a Florida attorney, to look at what you're dealing with.
Was the probate document issued by a Florida Court? Your question raises some interesting "choice of law" issues that your attorney will certainly be researching and explaining to you. If Massachusetts law is relevant, there is a discussion of Capacity, Undue Influence and Other Objections to...
Since he is over age 14, your brother can "nominate" the person who he wants to serve as his Guardian. Under the Massachusetts Probate Code, your mother has a say in designating the Guardian for your brother and sister.
MCLE has posted a book online that covers the Probate Code sections:
But, you are at a disadvantage if you try to figure out by yourself how and where to file the petitions for Guardianship of your brother and sister....
The income tax issues involving the IRA are interesting, but the threshold question is whether those credit card companies will follow the rules that protect estate beneficiaries. Often, they don't file the necessary papers in the proper courts, within the required time frame. For links to the current laws, and new laws that take effect April 1, 2012, click here:
A visit with a Massachusetts Probate attorney will help you protect...
The Administrator cannot convey title to your deceased aunt's real estate without getting authority from the probate court. The probate procedures do require that an administrator give notice to the heirs, so that they can review the proposed sale and object if necessary.
An article on basic probate procedures is at:
Without these extra probate proceedings, title to the real estate could not be conveyed unless all of the heirs signed...
You posted your question in the Probate section. Are you and your family are involved with the distribution of proceeds of a life insurance policy that was owned by a deceased parent? If the deceased parent had a taxable estate, there would be estate tax issues to consider. You can find a chart listing the Massachusetts and Federal estate tax thresholds at:
There is no income tax on life insurance proceeds, but if you decide to give away a...