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Gerald Joseph Dunworth
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Gerald Dunworth’s Answers

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  • Mother died without will i want to give brother all rights to home and we both want home to go to granddaughter at his passing

    We are my mother only heirs, I'm getting a affidavit of heir ship. and helping brother get titles in his name. We both want the house and property to go to my granddaughter that my mother raised when he passes can we do something that will automat...

    Gerald’s Answer

    You have a few options that a local attorney should be able to help you with. First, since you want to give your brother all rights to the home either (i) you and your brother as the heirs can transfer the home to your brother, or (ii) if it is not advisable for you to make a gift to your brother you should investigate whether you can "disclaim" your share in favor of the house going directly to your brother. Once your brother owns the house he can make his estate plan, usually with either a Will or a Living Trust, and he can leave the house to your granddaughter when he passes. The obvious problem with leaving it up to your brother is that he can always change his mind. If you do not want to leave it entirely to your brother you might consider both retaining your 1/2 ownership shares and both of you leave it to the granddaughter when you pass. It is often advisable to retain the flexibility to alter your plans in case there are changed circumstances in the future. In any event the both of you consulting with a local trusts and estates attorney would be important.

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    LEGAL DISCLAIMER
    Mr. Dunworth is licensed to practice law in New York and New Jersey. He can be reached at 212-688-5151.
    Mr. Dunworth is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Dunworth limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Dunworth strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received.
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  • Do I need to report/pay tax for the interest generated by my overseas bank account?

    I'm a new US Permanent Resident since July of this year, I have two overseas bank accounts (outside both the US and my home country) which generated several hundred dollars of interest, this is the only income I have this year (I don't have a job ...

    Gerald’s Answer

    Permanent residents pay tax on their worldwide income. It does not matter that the income is from a foreign bank. Just as important is checking the box on Scheduel B of the Form 1040 telling the IRS that the taxpayer has a foreign bank account. This is a hot issue for the IRS. In addition a US Treasurey form 90-22.1 may have to be filed. You can find that form on the IRS website.

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