Patrick D. Newton’s Answers

Patrick D. Newton

Hendersonville Estate Planning Attorney.

Contributor Level 7
  1. Is the debt to the bank subject to being paid by life insurance policies once the owner is deceased?

    Answered 7 months ago.

    1. Patrick D. Newton
    2. Michael A Kirtland
    2 lawyer answers

    She likely had no requirement to pay off the remaining mortgage with the life insurance proceeds, however, as a co-debtor, the bank might have a fraudulent conveyance claim if she defaults having made a gift of the insurance proceeds. The debt is a lien on the property, so payment would still have to be made after her death. You are not now responsible to pay the loan, but of course if no one pays it, it will be foreclosed on. I would be certain that the property goes to you at her death...

    2 lawyers agreed with this answer

    1 person marked this answer as helpful

  2. Can the executor of an estate sell the property without consent of the other heirs?

    Answered about 2 months ago.

    1. Randall J Holmgren
    2. Kenneth Love Jr.
    3. Zachary David Jackson
    4. Patrick D. Newton
    5. Scott D Rosenberg
    5 lawyer answers

    Because there are general rules and exceptions, you definitely should consult a lawyer. That being said . . . Real Estate typically cannot be sold by the Executor unless it is, with a Court Order, brought into the estate to pay debts. There are exceptions, and they would have to be explicitly stated in the Will. All other types of property typically can be sold by the Executor unilaterally. Again, unless provisions in the Will prohibit it.

    1 lawyer agreed with this answer

  3. Have an estate planning question. Am attorney. Have a client who is a US Citizen. She has a same sex partner in Canada.

    Answered 7 months ago.

    1. Patrick D. Newton
    2. Kenneth Love Jr.
    3. Eva Ruth Clement
    3 lawyer answers

    Yes, "Client" can make a Will in NC. Is she paying taxes in NC? Sounds like she should be. Any US citizen or resident can give anyone in the world up to $5.34 million (total aggregate transfers) right now without gift or estate tax. So it sounds like for your situation there will be no transfer tax owed, but a gift tax return would need to be filed to report the gift if a gift is made in excess of $14,000. An estate tax return would only need to be filed if the estate exceeds $5.34...

    1 lawyer agreed with this answer

  4. Will and lifetime rights

    Answered about 2 months ago.

    1. Alan James Brinkmeier
    2. Patrick D. Newton
    3. Shelley Ann Elder
    3 lawyer answers

    You might have inchoate rights in the property. Additional information is needed, such as, how was the property titled before he signed over lifetime rights?, do you have a prenup?, how long have you been married? In short, as is often the answer on here, you should discuss this with your own lawyer. In fact, without looking at the deed that he signed in which he "signed over his lifetime rights", it is impossible to know exactly what rights he had, and what rights he signed over, and for...

  5. I am the only child and Executor in mother's will. My daughter gets house; I get the rest which I want to go to my daughter. Can

    Answered about 2 months ago.

    1. Vance Tate Davis
    2. Cheryl K. David
    3. Patrick D. Newton
    3 lawyer answers

    As you can see from the other answers, yes, you can transfer assets to your daughter. One option is a qualified disclaimer. This can be tricky, so do get an attorney to analyze that option before proceeding. Another option would be to simply receive the inheritance, and then gift the assets to your daughter. This option can be attractive if you feel fairly certain that gift and estate taxes are not in your future. Each person currently has a $5.34 million "coupon" against gift and estate...

  6. What is the procedure for catching up on back taxes owed

    Answered over 5 years ago.

    1. Patrick D. Newton
    2. Michael Emory Clark
    2 lawyer answers

    This answer does not create an attorney-client relationship. FInd the money and get the returns prepared. Then file them. Then prepare to file an Offer in Compromise. You may want to go ahead and file for the Offer in Compromise, or you may want to wait, depending on your situation. If you wait, don't wait until the IRS starts taking your property!!! You will get IRS Notices in advance of any taking. An attorney familiar with the Offer in Compromise program should be able to assist you....

    1 lawyer agreed with this answer

    1 person marked this answer as helpful

  7. Can I convert my LLC to a corporation, what is the procedure for doing this

    Answered over 5 years ago.

    1. Kevin W. Davidson
    2. Thomas L. McLain
    3. Kenneth Allyn Sprang
    4. Patrick D. Newton
    4 lawyer answers

    In addition to the points above, you could simply file an election under the check the box rules to change your tax status (if taxation is your reason for converting). Such a change could trigger gain or loss.

    1 lawyer agreed with this answer

  8. How can i revoke a power of attorney

    Answered over 4 years ago.

    1. Patrick D. Newton
    1 lawyer answer

    If it has not been recorded with the Register of Deeds, a power of attorney can be revoked simply by destroying it, or be executing a new one. However, if any third party has relied on the power of attorney, they could still do so until they are made aware of the revocation. If the power of attorney has been recorded, then you should exucute a document indicating that the power of attorney is revoked and record that document.

  9. Estate planning

    Answered over 5 years ago.

    1. Patrick D. Newton
    1 lawyer answer

    Maybe. It depends on a lot of things. Here in NC, it would depend on whether there is a Will. If so, it would go how the Will goes. If not, it goes by "intestacy," which means essentially it passes to whomever the state law says it goes to. Here in NC, that could be spouse alone, split betweeen spouse and parents or a split between spouse and children. Essentially, here in NC, if there is a parent OR a child living, then the spouse only gets a portion of the house (or other asset) if...

  10. Keeping Inherited Money as a Non Marital Asset while paying income taxes while married

    Answered over 5 years ago.

    1. Patrick D. Newton
    1 lawyer answer

    This answer does not create an atttorney-client relationship. The distribution is likely 100% taxable income, exceptions would be for nondeductible contributions or if it was a Roth 401K, neither of which are likely. To keep the funds as separate property, merely keep the assets in a separate account in your name only. The filing of a joint tax return will not affect that. You should locate a IRA Beneficiary calculator (such as http://www.bankrate.com/brm/calculators/retirement/...

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