Want to give granddaughter money when she is 18. Messy divorce, bitter custody battle, mother won. No rights to see granddaughter (WA State) and DO NOT want this mother to get ANY of this money EVER. Is a KISS Trust iron-clad or could the mothe...
There is an adage, "you get what you pay for."
No attorney would ever promise that any trust can never be attacked. Anyone can sue about anything, and depending upon circumstances, be more or less successful.
I don't know much about the product you mention, so I'll refrain from comment on that particular item. Generally, attorneys discuss with clients the pros and cons of different approaches, as there is rarely one solution which will not have drawbacks in some possible scenarios. I.e., if one plans to give an "inter vivos" gift to a child upon their majority, what happens if the child dies first? If the money is held by a trustee, what happens if there are problems with the trustee? If a trust is irrevocable, what happens if the donor changes their mind? What tax elections have been made for the trust, and are they appropriate for a particular situation?
We like to walk people through different scenarios, provide them with the maximum flexibility for their circumstances, keeping in mind the financial amounts involved. So, for some people, they may find a "pay on death" account sufficient, even with the risk that the ex might have a chance to control the money for a period. For others, a will naming a third party as a custodian for the funds pending the majority of the intended beneficiary will do nicely. In other cases, a trusted friend might fit into the plan.
Ultimately, there are a host of possibilities. The question is, what is it worth to see that the unintended not get the money. If you don't have a will, financial power of attorney, and a durable power of attorney for health care, the incremental cost of advice for that scenario would probably be minimal. Good luck!See question
Will has been probated
This is definitely a question that you'll need an experienced attorney to help resolve. This will involve the contractual provisions of the life insurance policy, including default provisions in the event a specified beneficiary is not available, as well as your father's testamentary documents.
Generally, before a beneficiary such as a trust (trustee, technically) is named as a beneficiary of the life insurance policy, it should be in existence. The life insurance agent and estate planning attorney typically co-ordinate with the insured/testator to make this happen, and that the proper sequence is followed. As others have mentioned, checking with your late father's advisors, if available, would be one place to start. There are various scenarios where a trust under the will might have existed, but became "moot", such as a trust for a minor or young person during their nonage. Sometimes people forget about how things were set up previously, move to a different estate planning attorney, and things get confusing.
As a general proposition, a later will trumps the earlier, and typically life insurance defaults to the estate (controlled by the will) if a beneficiary predeceases the insured and or doesn't exist. However, it would be wise to have the actual documents and circumstances reviewed by an attorney.See question
I purchased a condo about 6 months ago. The seller signed documents saying that she was not aware of any special assessments coming up. Recently, I received a letter from the condo association that structural work needs to be done on building...
Echoing the other answers, you'll really need an attorney to review the circumstances to determine whether there is a solid case. While there is a certain amount of "buyer beware", outright fraud is never acceptable. Overcoming "buyer beware" isn't necessarily easy, but in appropriate situations, it is worth the effort. However, if the seller has no money, your remedies may be limited, as the other attorney mentioned. Good luck!See question
Need to setup easement agreement for shared driveway on my property
As others have indicated, you need a real estate attorney. There may be other implications, including with regard to a mortgage, title insurance, zoning, etcetera. Good luck!See question
I am planning to buy a property in Massachusetts with my brother as co-owner. He already owns a property. For me it will be my first property in USA. Is it legally possible to do so? What are the legal and financial obligations? Would the mortgage...
When buying property with another person, it is wise to consider what scenarios could arise where there might be disagreement, and plan ahead as to how you intend to resolve them. Examples include when a property needs significant work because of damage not covered by property insurance, or undiscovered problems, etcetera. If the property is a rental property, what will happen if you have a tenant who doesn't pay, and you don't have income coming in from the property for a period of time? What happens if one person wants to sell, but the other doesn't? What happens if one person wants to make improvements, but the other not? What is the exist strategy? Should your children inherit the property, or should your co-owner be required to "buy out" your share upon your death? It would be wise to think through, then sit down with an attorney and prepare a good agreement.
The mortgage will depend upon the circumstances - is it your primary residence, or is it an investment property? The rates and requirements may differ. What property tax "break" are you talking about? Some towns have residential exemptions, others not.
You are well-advised to consult with an attorney who has real estate experience.See question
He had a will where he named me executor. He left a house to me in the will which is still in his name. The house has no debt. I have a sister he left money to, and she already has the money. I want to transfer the house to me, but I was told I ha...
I'm not sure I agree with the other attorneys. I believe there is an exception to the 3 year limitation to probate of a will:
G.L. 190B s. 3-108: "(4) an informal appointment or a formal testacy or appointment proceeding may be commenced thereafter if no proceedings relative to the succession or estate administration has occurred within the 3 year period after the decedent’s death, but the personal representative shall have no right to possess estate assets as provided in section 3-709 beyond that necessary to confirm title thereto in the successors to the estate and claims other than expenses of administration shall not be presented against the estate; ..."
See also: "Section 3-102. [Necessity of Order of Probate for Will.]
Except as provided in section 3-1201, to be effective to prove the transfer of any property or to nominate an executor, a will shall be declared to be valid by an order of informal probate by a magistrate or an adjudication of probate by the court, except that a duly executed and unrevoked will which has not been probated may be admitted as evidence of a devise if (1) no court proceeding concerning the succession or administration of the estate has occurred, and (2) either the devisee or the devisee’s successors and assigns possessed the property devised in accordance with the provisions of the will, or the property devised was not possessed or claimed by anyone by virtue of the decedent’s title during the time period for testacy proceedings."
I would be interested in hearing if my learned colleagues disagree...See question
Hi, I am a resident alien and my parents are french but their fiscal residence is switzerland. If they die, will I have to pay estate tax in the US and if so what percentage? thanks
Generally, not, as the other attorneys noted. However, there can be twists, and there are certain reporting requirements which would come into play upon receipt of the inheritance, so you should consult with a tax advisor in the event your parents do leave you an inheritance. (The U.S. is very concerned about people "parking" money in Switzerland in secret accounts.)See question
I worked for a startup for 2 years. My offer letter said: "Stock Option Bonus: 10,000 options, vesting over a 4 year period of employment. • Your options will vest according to the following schedule, at which point you will have the right t...
You really need to look at what information was provided to you, and when. There may be several agreements which affect your rights under any options awarded to you, and the company should have provided them to you in a timely fashion. If you had fair notice that the options would lapse, you may be out of luck. If not, you might be able to salvage something. It would turn upon the actual contracts and agreements provided to you. Likewise, if there were agreements which pointed to other agreements, you would have some duty to investigate. How much may depend upon the circumstances.
Good luck!See question
Real Estate S-Corp since 1995- She hold all positions in the Corp
You should really speak with an attorney. The first question might be "why", and the second might be 'do you really want to be a minority owner of a small corporation?' If it is in lieu of other consideration which you would receive (i.e., wages or salary, or bonus), it's not apples to apples.
Depending upon the situation, a very small position in a small business corporation may be an illusory asset. It can be difficult to "cash out" and could be entirely dependent upon the majority owner. (In contrast, if there is anticipation that the entity will be bought out by a larger entity or "go public", it's not such a bad thing...)
Likewise, from the majority owner's position, it may add complexity without necessarily helping - wages or salary may still be due, tax ramifications, etcetera...See question
the sellers want to put off the agreed closing date ," because they will be hit with high tax bill " from 10/31/14 to January 2015 . which I replied if compensation was given " reduction of price " to cover rent & storage of my personal property...
The short answer is "no" or "probably not." The longer answer is, speak with an attorney ASAP to make sure that things work out the way you want them to, and to fully and properly claim your rights under the agreement.See question