Hi I am trying to reach an equitable distribution settlement involving my divorce. My ex is saying he doesn't have very much cash to pay me out for our marital home that he stayed in and was to buy me out. He wants to give me $ in the form of an I...
QDROs are only for qualified retirement plans like 401(k)s. You will need an equitable distribution order signed by a judge granting you a portion of the IRA. If your ex pulls money from his IRA to give to you, he will be responsible for paying the taxes. But if a portion of the IRA is legally transferred to you, then you will be responsible for taxes on withdrawals, and if you are under 59 1/2, penalties. I strongly recommend that you seek advice from a knowledgeable attorney to help ensure the bet result for you.See question
I am 85 - my son died - have to redo will
I'm sorry for your loss. If you daughter gets SSDI, those benefits are not needs-based, so no certain type of trust is required. If she receives SSI, on the other hand, you will need to leave money to her in a Special Needs Trust (also called a Supplemental Needs Trust) to avoid disqualifying her from receiving the benefits. An elder law attorney should be able to assist you.See question
An LLC in the state of Florida was created to purchase a franchise. Would the franchise agreement list both individuals or only the one with the 90% ownership. Will be seeking an SBA loan. Please advise. Thank you.
Yes, or more precisely, a member, as owners of LLC interests are called.See question
Hired an attorney to create an Operating Agreement for our LLC. Attorney says that only one signature is required in the document. Shouldn't all members sign the agreement to keep all members legally bound?
Yes. A member who does not sign either the Operating Agreement or a power of attorney allowing another member to sign on his/her behalf is not bound by the terms of the agreement.See question
Contacted estate attorney after Court notified me of petition to reopen estate re: found assets. Attorney mentioned 2 stocks would take months to sell due to "technicality". Then told me I was beneficiary of an Inherited IRA and needed contact b...
Unless it's a Roth IRA, distributions from an inherited IRA are taxable, and there is a 50% penalty for failure to take a required distribution. It sounds like you would be well-served to hire an attorney experienced in probate and inherited IRA issues to assist you. Best wishes.See question
This is a 2nd home also in NC. I have only one child and will add her and her husband to the title. The reason behind this is so they can claim residency and put their boat on the lake near the house.
If the value of the property interest gifted exceeds $14,000 per donee, you are required to file a gift tax return, and will use up part of your $5.43 million federal estate tax exemption. There are a lot of legal and tax issues involved in gifting real property, so I would recommend seeking the advice of a knowledgeable NC attorney.See question
If an estate is worth between 12 and 16 million does the executor need to file state and federal return? If probate last many years do they need to file again every year until probate is finished? If so is both State and Federal required again? De...
Each year (not necessarily calendar year) an estate is open and has taxable income a federal fiduciary income tax return (Form 1041) is required, and in most states, a state return as well.See question
I'm starting a real estate investment company doing flips now and , in the near future, rentals. Also, I inherited 3 mortgages in TN when my mother died almost a year ago. I got advise not to file probate, but I'm now thinking that is not good sin...
It is possible to find a suitable attorney to assist you who is licensed in both FL and TN. I'm aware of a few myself.See question
My mother, 80, is the beneficiary of my dad's IRA. He died this year at age 84. The IRA is currently frozen as the will goes through probate. Only half of the RMD was dispersed in 2015. What are the tax implications for not taking the whole disbur...
Your mother, as the beneficiary, can take the remainder of your father's RMD this year and there will be no penalty. The IRA should not be "frozen" as it is not covered by the will and not a probate asset. Your mother as beneficiary has control over the account.See question
I only have two remaining family members who I am estranged from. I do not wish to burden friends, I have a will.
In North Carolina attorneys as executors are generally allowed to collect a commission (maximum of five percent of assets, more likely limited to about three percent by the Clerk of Court) and attorneys fees. A local estate planning attorney should be able to give you an estimate of the costs for your estate. Use of a revocable living trust can reduce costs.See question