Peter Caldwell Herbst Jr’s Answers

Peter Caldwell Herbst Jr

Braintree Estate Planning Attorney.

Contributor Level 3
  1. How much can an independent senior (84yrs old) gift money without getting penalized if admitted to a nursing home shortly after?

    Answered over 1 year ago.

    1. Denise Kent
    2. Denise Leydon Harvey
    3. Jennifer A Deland
    4. E. Alexandra Golden
    5. Peter Caldwell Herbst Jr
    6. ···
    8 lawyer answers

    How does the senior plan on paying for the nursing home care? If they are paying using a long term care insurance policy or through savings, the answer will be different than if they are utilizing Veteran’s benefits or seeking Medicaid (MassHealth in Mass) eligibility. Several people already mentioned that seeking the advice of an elder law attorney would be important and I wholeheartedly agree with that advice.

    5 lawyers agreed with this answer

  2. Review of 6-year old Nominee Realty Trust document previously used for one property to be basis for new NRT to hold new property

    Answered 10 days ago.

    1. E. Alexandra Golden
    2. Peter Caldwell Herbst Jr
    2 lawyer answers

    I would agree with the prior answer in that Trust Law in Massachusetts did materially change in many respects July 8, 2012 with the enactment of the Massachusetts Uniform Trust Code. I would therefore recommend that an attorney review any trust before funding it with new assets to make sure your objectives will still be met. Nominee Realty Trusts themselves are not always recorded anymore in full - that was a change in the law going back to 2003. Lastly, you should talk to an attorney about...

    2 lawyers agreed with this answer

  3. My family revocable living trust has its own EIN. How do we file taxes?

    Answered about 2 months ago.

    1. Denise Leydon Harvey
    2. Luke Anthony Lenzi
    3. Peter Caldwell Herbst Jr
    4. Amy B. McLellan
    4 lawyer answers

    I would agree with the other answers in that this is not the normal practice. I would not use an EIN for a joint grantor trust even if a third party is a trustee. Therefore an attorney should review the trust to confirm that it is a grantor trust. The reason I wouldn't use an EIN for a revocable trust is that under the IRS regulations (26 CFR 1.671-4) a grantor trust using an EIN requires the Trustee to issue 1099s to the grantor reporting the Trusts income received (in addition to other...

    1 lawyer agreed with this answer

  4. Tax on sell of a home

    Answered 5 months ago.

    1. Scott D Rosenberg
    2. Joshua N Robbins
    3. Peter Caldwell Herbst Jr
    4. Bruce Givner
    5. Dana Whitney Atchley
    5 lawyer answers

    Establishing your basis in the property for calculation of the gain from the sale will be important. Namely, whether or not the property received a stepped-up basis to fair market value on date of death will be critical. You mentioned that your mom lived in the property until she died. Did she reserve a life estate in the deed when she transferred the property to the four children? If not, did she continue to “possess and enjoy” the property after giving it to the children? If there is a...

    1 lawyer agreed with this answer

  5. Just found out my 80 year old mother hasn't filed her taxes in 7 years!! Any advice?

    Answered 5 days ago.

    1. Sonia S Figueroa
    2. Eric P Rothenberg
    3. Peter Caldwell Herbst Jr
    4. Joseph Anthony Coluntino Jr.
    5. Emmanuel Michael Paturis
    5 lawyer answers

    Obtaining a power of attorney for her and helping her with this is the best route. A couple things to keep in mind with unfiled tax returns: interest and penalties continue to run until returns are filed and any taxes due are paid so the sooner you can address this problem the better (and potentially less costly), and in the event she had adequate withholding that results in a tax refund you only have 3 years from the due date of the return to file a claim for refund. If you can't find all...

    1 person marked this answer as helpful