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Glenn A Jarrett

Glenn Jarrett’s Answers

362 total


  • Can we shelter our real estate by transferring both of our residences to our sons?

    My wife and I are both 70+ years old. We have two grown children. We own two residences. Can transfer one house to each of our heirs without tax consequences?

    Glenn’s Answer

    The other attorneys who answered your question raised good points. What are you trying to shelter your houses from? You and your wife each have an exclusion from federal estate tax of $5.43 million and from Vermont estate tax of $2.75 million. If estate taxes are not a concern, your children will be in a better position with respect to capital gains taxes if you hold onto your houses and let them inherit them to get a step up in the basis of the houses.
    Unless you have made over $10 million in gifts during your lifetime, you won't have to pay gift tax. But the most important concern may be long-term care. Your residence is exempt from being counted as a resource for medicaid purposes, so long as the equity is less than $543,000.
    You should consult an elder law attorney.

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  • Can money be disbursed from an inheritance/will prior to the real estate being sold in Vermont once the Will is probated?

    In other words, in the estate there is $200,000.00 cash and one house to be sold worth approximately $100,000.00, can the cash be dispersed to the heirs named in the Will prior to the house being sold? I know the Will must be listed for four (4) m...

    Glenn’s Answer

    It could be, but court approval of the partial distribution would be necessary.

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  • I am the POA for my brother, I no longer wish to be his POA.How do I remove myself?

    I have not taken any action on his behalh yet. i am on his bank account.I was kind of forced into this without my knowledge

    Glenn’s Answer

    You should consult an estate planning attorney in your area who is knowledgeable about the law of your state.

    Generally, you can resign as a power of attorney agent by submitting your resignation, in writing, to your brother. If you are listed with him as an owner of his bank account, you would need to approach the bank to get off the account. That is different than the power of attorney.

    Good luck.

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  • Can the gov't invade a family Trust to seek remuneration for long term care expenses for a parent?

    My dad is 87 and in long-term care (New Jersey). He has less than $7,000 in his name, although my mom put their home in a Trust (before she died) for he and, eventually, her daughters upon his death. The home currently generates rental income that...

    Glenn’s Answer

    You should check with an elder law attorney located in New Jersey, where your father lives because Medicaid rules differ somewhat from one state to another. You can search for one on the NAELA (National Academy of Elder Law Attorneys) website (www.naela.org).

    It is unlikely that the State would take your father's home while he was living. However, the trust he and your mother created is not likely to protect the home. I don't know how New Jersey would treat the rental income if your father applied for Medicaid, but it is possible that money would have to pay for his care, which would make it difficult to retain the home unless family members could pay the costs of carrying it, such as property taxes, insurance and utilities.

    Good luck.

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  • My mother passed away recently with a real estate value of $80k and a personal value of $41k. A few questions in the details :)

    A CD was also left with 2 beneficiaries: my step-dad and I. Thing is the bank lady told me I can't touch the CD until probate is over. Why not? I'm not sure what the Personal value is made up of totaling $41k and it's not the same as $32k. Isn...

    Glenn’s Answer

    While Mr. Carrier has a good point, I would check with the bank to see if there are loans from that bank and also check the terms of the CD. Unless the CD gives the power to the bank to withhold payment if the holder is indebted to the bank, the bank should pay the balance to the beneficiaries. You might get further if you talked to a lawyer and had him or her write or call the bank. Good luck.

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  • Jewelry appraisal for an estate

    Hello, I'm executrix for my father's estate in PA. He is an heir to my grandpa's estate in PA which isn't settled yet. My grandpa had a safe filled with jewelry. Before my father passed, he told me that this was appraised and that the executor ...

    Glenn’s Answer

    If you can check with the appraiser your father told you about to confirm he or she did the appraisal, that will give you more ammunition. If you find there was an appraisal, you shcould check with an experienced probate lawyer in Pennsylvania.

    Good luck.

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  • My mothers estate lawyer is suggesting she put her cottage on the market for 90 days, only so Medicaid cannot claim the estate

    My mother owns home and cottage. Keep the home and cottage from Medicaid is the purpose of lisitng the cottage and is really not for sale. Her residence is in Michigan

    Glenn’s Answer

    If the probate lawyer knows about Medicaid, as he or she should, you should follow the advice you are getting. In some states, if property is offered for sale, Medicaid requires the owner to accept an offer it is two-thirds of the fair market value. If your mother is trying to qualify for Medicaid, putting the property on the market generally will mean that it is not a countable asset for Medicaid purposes. Ask the lawyer, or have your mother ask, for the details about the proposed marketing of the property.

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  • What happens after the probate judge ignored our petition to have the executor removed?

    We filed a petition to have our sister removed as executor in April 2011. Our father died Feb 2010. The estate was uncontested. I went to the probate office and explained why we needed to remove her and paid the 150 dollar fee. Our reasons per law...

    Glenn’s Answer

    You may have more luck if you contact a lawyer who is experienced in doing probate work with the court in question. The lawyer should be able to tell you what needs to be done and can probably get some results fairly quickly.

    Good luck.

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  • My father died without a will. There are 6 children and a step mother. He owns a home, how will the property be divided?

    There is bad blood between the step mother and children so little to no communication. The step mother would like to remain and live in the home even though she is not an owner of the home and the children would like to sell and split the proceed...

    Glenn’s Answer

    You should contact an experienced probate lawyer in your area. Each state has laws, called intestacy laws, that determine how the property of a person who dies without a will gets divided. The stepmother is entitled to some part of it and the children are probably entitled to some part of their father's assets as well. Who gets what portion depends on your state's laws. Check with a lawyer. This is not an area where you should try to do it yourself.

    Good luck.

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  • Can i be found an unfit mother for taking medication due to medical problems?

    I had a lumbar disectomy in 2009. Since then my lumbar spine is degenerating,i have degeneration in my cervical spine, and fibromyalgia. I have tried physical therapy, chiropracters, and pain management doctors. All the doctors have done is put me...

    Glenn’s Answer

    You should consult with a family law attorney in Maryland if you don't already have one. Just because you are taking prescription medications doesn't mean you aren't able to take care of your child. Make sure the attorney knows everything about your prescriptions, so he or she won't be surprised. Have them fight for at least joint custody, if you are up to it.

    Good luck.

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