Cynthia Alicea Dade's Answers

Should I pay my deceased mothers liabilities or wait until her estate is settled?

Listen to your lawyer and and save money. It sounds like there might not be enough assets in your mother's estate to pay all the bills in full. This means her estate is insolvent. The rules about paying a deceased person's debts are designed to protect the heirs. Follow the rules to protect yourselves. Most people find that settling an estate and facing unpaid debt are very anxiety provoking, but this is a case where taking a deep breath and following the rules can be worth the stress....

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As trustee of my mother's irrevocable trust, can I transfer assets to her beneficiary before she dies?

She can, if she is competent to exercise her power of appointment. However, your mother needs to think carefully before she takes this step. I know from professional and personal experience that taking care of an ageing parent is difficult, time consuming and often frustrating. Often one child does all or most of the work at a great personal and financial cost with little or no appreciation from other family members. However, there are some serious legal and personal pitfalls your mother...

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Petition Surrogate Court

I am sorry to tell you that this is not so easily resolved. You cannot pay the missing distributee's share to the other beneficiaries. You have to first prove that you have searched for the person and cannot find him. Next, you have to get court permission to pay the missing person's share to the State of New York. This will not prevent you from distributing the shares of the other distributees. You can take two routes to solve your problem. 1. Hire a company who will search for the...

Why do I need Guardianship of my child in order to put an inheritance in her name to satisfy the terms of a Living Trust?

If you do not want to pay to do the guardianship proceeding, wait six months until your daughter is 18. Once she is 18, she can become the owner of the annuity without a guardianship.

What is obligation to notify a beneficiary they will receive remaining assets of my parents trust after we (benes) are deceased?

You really need to talk to a local attorney, as the obligations to give notice to the charities and the state attorney general are determined by local law. A consultation fee now could save you a lot of money later.