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M Daniel Sasso

M Sasso’s Answers

70 total

  • How and what do I need to get a will drawn up and how much will it cost me?

    without my husband knowing

    M’s Answer

    My colleagues are correct in that fees vary among law firms, between $75 as a low to $450 high for simple type wills. You may wish to ask the attorney for an hour of his/her time first, because your question as to not notifying your husband begs the question, which leads to some time involvement for the attorney to answer correctly and to protect your interests the most via elective share planning, gift giving, debt and joint ownership, transfers of property interests or splitting joint property now without his knowledge. Hope this helps.

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  • I am a 55 year old Australian living in US. Upon my parents demise, am I allow to have inheritance monies transfer to the US.

    I am a Australian citzen, married to a US citzen, living in theUS since 1979. Upon the death of my parents, am I allow to have inheritance transferred from Australia to the US. Is there any tax conseqences?

    M’s Answer

    If I understand your question, it is the receipt of monies from an Australian estate due to your parents' death. As to the implications under Australian law, you will have to check with those authorities but certainly there is a restriction and also criminal violations should cash itself over $10,000 in bills enter the U.S. instead of from an Australian bank to a bank in the U.S. to you or in your name by wire or otherwise.
    As to the receipt of liquid assets from another foreign country, partnership or estate the following guidelines may help:

    For purposes of determining whether the receipt of a gift from a foreign person is reportable, the U.S Treasury and the Internal Revenue Service have determined that different reporting thresholds are warranted for gifts received from nonresident alien individuals, foreign estates, foreign partnerships, and foreign corporations. Accordingly, it is expected that Form 3520 will apply the following reporting thresholds and requirements:
    1. Gifts from foreign individuals and foreign estates.
    A U.S. person is required to report the receipt of gifts from a nonresident alien or foreign estate only if the aggregate amount of gifts from that nonresident alien or foreign estate exceeds $100,000 during the taxable year. Once the $100,000 threshold has been met, it is expected that Form 3520 will require the donee to separately identify each gift in excess of $5,000, but will not require the identification of the donor.
    2. Purported gifts from foreign corporations or foreign partnerships
    A U.S. person is required to report the receipt of purported gifts from foreign corporations and foreign partnerships if the aggregate amount of purported gifts from all such entities exceeds $10,000 (as modified by cost-of-living adjustments under section 6039F(d)) during the taxable year.
    Once the $10,000 threshold has been met, it is expected that Form 3520 will require the donee to separately identify all purported gifts from a foreign corporation or foreign partnership, including the identity of the donor entity. Purported gifts from foreign corporations or foreign partnerships are subject to recharacterization under new section 672(f)(4).
    3. Aggregation rules
    To calculate if a U.S. person has received gifts during the taxable year from a particular foreign person in excess of the relevant threshold, the U.S. person (or you as resident alien) must aggregate gifts from foreign persons that he knows or has reason to know are related, within the meaning of section 643(i)(2)(B), whether or not the gifts from a related person would independently exceed the threshold for reporting of gifts from that person. If the relevant reporting threshold is exceeded, it is expected that Form 3520 will require the donee to separately identify each aggregated gift in excess of $5,000 from a nonresident alien or foreign estate, but will not require the identification of such a donor, and to separately identify each aggregated purported gift from a foreign corporation or foreign partnership, including the identity of the donor entity.
    If this helps please mark the same below as helpful.

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  • Does son need to sell $3,500 Florida lot to pay deceased father's WAMU credit card debt. No other assets.

    An out-of-state deceased owned a small empty residential lot in Florida worth maybe $5,000 and nothing else. No will. Son, also out-of-state, is only heir. Father owed $2,000 on credit card to Washington Mutual Bank. WAMU is out of business, so t...

    M’s Answer

    Realty must go through the Summary procedure at a minimum since under $75,000 at the current time in its value, and the deceased died within the last 2 years. If died over 2 years ago, then both the creditor is out of luck unless they filed a "caveat" of record to hold their rights to file a claim when you open the estate. The place to commence the procedure is the county where the realty is located in Florida. You will have to notify the Court in a Summary that either all the creditors have been paid if death is not more than 2 years from when you file, or that you have made ample arrangements with the creditor to pay the same.
    There is no requirement that you file in the first 2 years following death, in fact should you wait and the creditor(s) fail to file, then having waited the 2 years Statute of Limits, then filing the procedure will get the results needed without the creditor's claim being permitted. You should request your domiciliary (where he was a resident) attorney to detail the procedures to file the Will in the County of his domiciile. Hope this helps some. Obviously I am not getting into any inheritance nor estate tax matters or liens in this discussion.

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    M’s Answer

    I agree with my counsel above and I am a practicing Estate Planning attorney in Cape Coral, FL. My only additional concern would be that if there is a transfer of any cash value from the policy at today's date into the Irrevocable Life Insurance Trust or similar flexible instrument, then the IRS has a 3 year look back period; as well as it pertains to your Medicaid qualifications, then the Government has a 5 year look back period to see if it would interfere with your qualifying for Medicaid should you attempt to apply for said benefits. Obviously your payments to the trust, provided they are under $13K per year to the one owner would be a gift that is exempt, but if over $13K per year then you must file a 709 gift tax return each year. Hope this helps. If I can be of further assistance call me at 239- 542 1355

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  • How do I remove my dead spouse's name from a jointly held mortage (we are the mortgage holders for a property owned by others.

    My husband and I held mortgages for others and my husband passed away. How do I remove his name from the mortgages or is it necessary to do so?

    M’s Answer

    It is tempting to only answer the direct question you pose, which could be as simple as recording a death certificate and notifying the debtors; but there are normally many other matters that arise and it would be wise to at least request a short time with an estate lawyer in your vicinity to go over a checklist of duties, assets, other matters that may be "hidden" at first, and which do not seem to control this situation. I have often noticed that there are many items that would be otherwise overlooked unless you were comprehensive in your review. As to other jointly held properties, you should also clear the "clouds" on title even if you think the title is not effected; such as affidavit of continuous marriage, DR 312, recording documents to Public records, and perhaps showing the lawyer the title or deeds & mortgages so he can verify that what you believe to be the current status is correct. Hope this helps some.

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  • Can I gift shares of stock from an s corp to my children ?

    I know I can gift cash to my kids yearly, can I gift shares of stock from an s corp too? Thank you!!

    M’s Answer

    I agree with my colleague Gustave Schmidt above. In case this is a Florida Corporation, and if doing business that invites lawsuits from possible negligence, first consider converting to an LLC due to the multiple additional advantages from creditor liability( you may wish to review one of the published articles under my AVVO website listing on this). AS to the direct answer to your question, if the children are minors, then it is best to gift the shares first to a "custodian" under the Florida Transfer to Minor's Act and name a Custodian that is somewhat business savvy if possible and that you can work with. In addition always be sure that the children through their custodian or (natural guardian) if under $15,000 execute a short shareholder agreement that the stock will remain as S status and someone files IRS Form 2553 for them if not done already. If you transfer the stock to a trust for them, be sure the QSST language is put into the Trust so you will not violate the S Rules. Do not forget to review the Corporate documents such as the Articles of Incorporation for such terms as "pre empitive" stock rights, or the need for shareholder or Director approval for issuance or transfer of the stock. etc. Realize also that profits must be distributed to the shareholders pro rata per the shares they hold at year end through the K-1 that will be issued. Hope this helps.

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  • Lineal heir question?

    The will language states "If a child predeceases Grantors, that child’s share is to then be distributed to that child’s then living lineal heirs" What does that mean? would the grantors' child's "then living heirs" also include the spouse o...

    M’s Answer

    Most of the Wills I have drafted are specifically drafted to indicate that only the issue (children and grandchildren of prior deceased children) can receive; this then cuts out the spouse of the beneficiary. Unfortunately most of my own clients prefer this. The maker or Testator of the Will can control their own funds, however only should they put in language that is against "public policy" would it be considered an invalid clause, such as the following: ....."if my son is not divorced from S then he shall receive nothing..." but this is dependent on the state that the Will or Trust was drafted! Hope this helps some.

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  • Can a guardian ad litem atty be appointed by the Court upon request in probate trust estate matters?

    And, what exactly does the guardian ad litem atty do?

    M’s Answer

    Rules of Proceedings 1.210(b) is to permit service of process over a minor(s) (pursuant to F.S. 744.102(10) the “guardian ad litem” is the person to be appointed by the court having jurisdiction of the proceedings or in which a particular legal matter is pending to represent a ward in the proceeding) therefore; further:
    As indicated in my added comment to my colleague, there are several occasions that call for appointment of a GAL such as: When the Personal Representative in the probate estate does not have the requisite power needed to sell or otherwise liquidate real estate and/or assets in the estate ( when Will doesn't give him/her the power without court order, or the court such as in Broward County always require escrowing funds or notification to all the heirs (minors included) or a hearing before the running of the creditor 3 month period! In a sale situation the PR could petition for an appointment prior to the court authorizing any confirmation or sale of the real property in the estate and it could be demonstrated that it is necessary to get proper service of process and personal jurisdiction over the above named minor(s) all pursuant to F.S. 48.041 and the Florida Rules of Civil Procedure 1.210.
    Also the GAL could make a report to the court as to his/her opinion as to how the incapacitated party will be affected by the outcome of the proceeding. This also pertains to missing parties or those who cannot be found, and often the Court could appoint a separate legal counsel to both search for the missing party and enter his/her opinion as to the results. The courts are getting much more in touch with being sure "Due Process" is found, and notification is given to parties who can understand the results of any hearing or proceeding. Hope this helps some.

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  • UTMA accounts

    there is a life insurance policy on my wife, thats is set up under a UTMA for our granddaughter age 2, .. funded with a yearly gift of $12,000 allowed, so she owns it and is beneficary I am the custodian, question is...... if i expire before ...

    M’s Answer

    I am a practicing Estate Attorney in Cape Coral Florida. While I agree with my colleagues and their responses to you that it most likely will not be counted, it is interesting that if you did keep what is called an "incident" of ownership or control it may be counted in your estate. But I believe you are also asking who the successor custodian might be in your place. FS 710.121 indicates that if you die before the grandchild becomes of age, then a. person who made the nomination may nominate a substitute custodian under 710.104; or the transferor (I would believe this to be your wife) or her legal representative shall designate a substitute custodian to continue if they are eligible to serve - see also FS 710.111(1) .
    Hope this helps. Dan Sasso 239 542 1355

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  • Can my brother our mothers home that was suppose to be an estate from us by having her sign a Warranty Deed

    My father died in 1975 but in about 2003 I was staying with my mother and found that my brother was claiming her on his taxes and collecting all the bennifits .I also found that she had signed a Warranty deed to him Granting it out of the sum of ...

    M’s Answer

    As to your rights, there are a number of concerns, but I would suspect you will need to make an appointment soon at the office of an attorney on this network that does trust and estates litigation, there are several. Your counsel will explain rights and liabilities under the following possible causes of action after he/she fully explores your matter; you will have to negotiate the fee be it contingent or flat fee however: here are some possible causes for you to follow if you and your mother are Florida residents:
    a. Constructive/ resulting trust;
    b. Tortious Interference with right to inherit;
    c. Possible invalidity of deed and other documents if you can prove your mother's incapacity at the time of her execution of the Deeds and other documents;
    d. You may proceed with full Guardianship in the county where she is located and attempt to invalidate any "Pre-Need" Guardianship documents she may have executed;
    e. Fraud perpetrated upon the IRS - You can look at the IRS online forms Website for "whistleblower" type forms.
    f. Exploitation of elderly F.S. 772.11; 775.0844; and 825.103, if the facts fit the elements needed.

    You may be able to contact the Adult Protective Services agencies in your area, they may be able to help some, given the right circumstances - look them up online or the yellow pages in your county.

    Hope this helps. and if so please mark same below.

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