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Leo T. McGrath
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Leo McGrath’s Answers

11 total


  • How much money can you give your children yearly without penalty?

    My mother has $60,000 in savings. How much money can she give to her four children without repercussions?

    Leo’s Answer

    Presently the IRS limit is $13,000.00 per person, per year. So, she may gift up to $13,000 per child if she wishes. However, this will have adverse effects if she later needs Medicaid (nursing home) assistance. You may wish to consult an elder law attorney in your area.

    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. The laws of every state are different and, in fact, I am not licensed in MI. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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  • How much money can your parents give you yearly without being taxed?

    My mother is 86 and has $50,000.00 in bank account. Can she split this with her four children?

    Leo’s Answer

    Presently the IRS limit is $13,000.00 per person, per year. So, she may gift up to $13,000 per child if she wishes. However, this will have adverse effects if she later needs Medicaid (nursing home) assistance. You may wish to consult an elder law attorney in your area.

    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. The laws of every state are different and, in fact, I am not licensed in MI. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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  • Can a land trust be completed without an attorney?

    Can a land trust be created with out an attorney? How can I remain anonymous as the grantor when transfering property into a land trust?

    Leo’s Answer

    In a word...No. That is not if you want it done right, and know that it was done right...so you have peace of mind. My advice to you is to find a reputable estate planning attorney and have a trust drafted to meet your needs. You can find such an attorney at the American Academy of Estate Planning Attorneys.

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  • Who pays?

    Who pays for court fees? Do you get charged court fees if your hearing is continued within 4 days of that hearing?

    Leo’s Answer

    Court fees are usually borne by the plaintiff, the one bringing the lawsuit, to initate the case. However, if the defendant wins a defendant's verdict, the costs may be ordered by the Court to be the responsibility of the plaintiff. As far as your other question, it would depend on that Court's local rules.

    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. The laws of every state are different and, in fact, I am not licensed in IN. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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  • Who is the legal owner in a land trust?

    With a land trust is the trustee the legal owner? Is creating a land trust a simple process?

    Leo’s Answer

    If properly funded the trust would be the owner and the trustee would be the manager. Is it a simple process is a relative question. The answer depends on what you wish to accomplish by establishing the trust in the first place, every trust is different and unique. Some trusts can be very complex. You should confer with an experienced trust attorney in your area,

    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. The laws of every state are different and, in fact, I am not licensed in NC. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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  • How do you buy realestate with no money using land trust agrements

    how do you a land trust agrement to buy realestate

    Leo’s Answer

    No, that is not the purpose of a land trust. Remember... if it sounds too good to be true, it usually is. Stay clear of this, it sounds like a scam.

    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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  • My brother was named executive over my fathers estate and took my sisterts trust fund and lost all the trust fund

    what can i do

    Leo’s Answer

    The laws regarding fiduciary duties are very strict. It will depend very much on the facts and what your brother did or did not do, but there are laws that may be able help your situation. You need to consult with a local Estate attorney in your area to review your allegations.

    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. The laws of every state are different and, in fact, I am not licensed in IA. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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  • Can you correct an arbritrators findings vs his award.

    Trust went to arbritration. The arbritrator in his "findings" reduced my half of the trust by $40,000.00 and in creased my brothers half by $40,000.00. In the "award" the arbritrator failed to carry this over to the award. Is my half still reduc...

    Leo’s Answer

    Typically the Arbitrator's decision can be subject to Court review, but only if the decision was "arbitrary and capricious", (the is the standard in NY, and a very difficult standard to overcome). You should consult a local estate litigation attorney to review this matter for you to see if appealing the decision is viable.

    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. The laws of every state are different and, in fact, I am not licensed in TX. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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  • Can I place my savings into a trust to protect it from the bank if they foreclose on my home?

    I have no job and am not living in the state where my home is. I don't want to use my savings to pay for a home that I cannot use, sell and is worth much less than when I bought it.

    Leo’s Answer

    Based on the facts in your question, you would not be able to protect your savings by placing them in a trust. It would be considered a fraudulent transfer. You should consult with a local bankruptcy attorney to consider your options.

    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. The laws of every state are different and, in fact, I am not licensed in AR. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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  • How long after be throught probate court a living trust to be settled

    our mother died in nov.1999 and had a living trust. it was taking to probate court and in 2004 when throught . it nov. 2010 has not be angthing done by the personal representative or attorney

    Leo’s Answer

    One of the main purposes of a Living Trust is to avoid probate. That assumes that the Trust was properly funded during your mother's lifetime. From your question, it seems that this is not the case. As cited by other counsel earlier, in any event it should have been resolved and completed by now. You should secure competent local counsel to investigate the status of the matter.
    LEGAL DISCLAIMER: The above is not legal advice and I am not your lawyer and you are not my client. The laws of every state are different and, in fact, I am not licensed in TN. My answering this one question does not create an attorney-client relationship between us and I am answering this only according to AVVO rules.

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