David Andrew Greeneā€™s Answers

David Andrew Greene

Johnson City Trusts Attorney.

Contributor Level 9
  1. Can a trust choose a fiscal year instead of a calendar year for tax purposes?

    Answered about 1 year ago.

    1. Mary Lynn Symons
    2. David Andrew Greene
    3. Steven M Zelinger
    3 lawyer answers

    In general trusts are required to file on a calendar year. However, there is an exception if the trust makes what is sometimes called "the 645 election," (so named because it arises under Internal Revenue Code section 645) to treat the trust income tax return as if it was the estate tax return. I've attached a link to form 8855, which is the form used to make the 645 election. Estates (and trusts making this election) are allowed to file using a fiscal year, so long as the fiscal year end is...

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  2. How much would I expect to be charged for a simple will with one beneficiary and and POA roanoke, va.

    Answered about 1 year ago.

    1. Brenton Daniel Vincenzes
    2. David Andrew Greene
    3. Charles Adam Shultz
    4. Benjamin Joel Kontaxes
    5. Aaron Scott Hill
    5 lawyer answers

    If probate avoidance is important to you (which makes sense in light of Virginia's probate process), a simple will doesn't accomplish that goal. You may do well to find an estate planning attorney in your area to establish and fund a revocable living trust. However, this will in all likelihood come with more expense than a simple will. As my colleague suggests, many attorneys will do an initial consult without fee.

    7 lawyers agreed with this answer

  3. My mother passed away she had a 10000.00 estate life ins.policy he said he was going to pay her property taxes out of this money

    Answered about 1 year ago.

    1. Robert H. Hanaford
    2. Jerry A. Tuffentsamer
    3. David Andrew Greene
    4. Tatiana Kadetskaya
    5. Carol Di Giacomo
    6. ···
    6 lawyer answers

    I'm sorry to hear about your situation. It is difficult to give a satisfactory or comprehensive answer based on the information given in your question. Some things that might help: relevant dates (date of death, property tax due date, date of tax sale, etc.). Also, some relationships would help--you mention a "he" but don't say who that is. You mention that it was your mother who passed away--are you a beneficiary of her estate? Are you, or is "he" the executor or administrator? Given that...

    7 lawyers agreed with this answer

  4. How can someone have there name put in the will after the trustor has passed away, he's the trustee but not a beneficiary.

    Answered about 1 year ago.

    1. Steven M Zelinger
    2. David Andrew Greene
    3. Justin Eric Elder
    3 lawyer answers

    Based on these facts it looks like you should engage an attorney who is familiar with fiduciary litigation. The trustee has duties to the trust beneficiaries and is bound by the terms of the trust. If there are truly errors in the document, there are ways the court can allow those to be fixed, but the answer is not for the trustee to treat the document like he thinks it should be instead of how it is.

    6 lawyers agreed with this answer

  5. If forming an LLC with a partner, and they take the loan out in their name does that mean they have more authority over the bus?

    Answered about 1 year ago.

    1. Robert V Cornish Jr.
    2. David Andrew Greene
    3. Arnold Garson Cohen
    4. Michael Charles Doland
    4 lawyer answers

    Have an attorney draft your LLC operating agreement such that it accurately reflects the agreement between you and your business partner--with respect to management and with respect to ownership and profit (and/or loss) sharing. Share of authority/control does not necessarily have to be tied to share of profits/losses.

    3 lawyers agreed with this answer

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  6. Can a revocable trust be the beneficiary of IRAs accounts along with other assets.

    Answered about 1 year ago.

    1. David Andrew Greene
    2. Gregory Herman-Giddens
    3. Carol Anne Johnson
    4. Joseph Franklin Pippen Jr.
    5. Jonathan Stuart Frank
    6. ···
    6 lawyer answers

    Yes, a trust can be the beneficiary of an IRA. One of the advantages of inheriting IRAs is that those beneficiaries can "stretch" the IRA by taking required minimum distributions (RMDs) over their (presumably younger) lives. Naming the trust as beneficiary should be done VERY carefully. There are technical aspects and requirements that the trust must meet in order to preserve the ability to stretch the RMDs over the ultimate beneficiaries' lives. The beneficiary designation should also be...

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  7. What are the tax ramifications for life estate remainder owners when the property is sold before the life estate owner dies?

    Answered about 1 year ago.

    1. Tricia Dwyer
    2. David Andrew Greene
    3. Michael Leo Potter
    4. Joseph Franklin Pippen Jr.
    4 lawyer answers

    For tax purposes, a life estate splits the interest in the house. The degree of the split is determined by the life-tenant's age (here, your mother) and is actuarially determined. A life tenant who is 20 years old will have a greater interest in a house than one who is 80 years old. I will assume for purposes of answering this question that your mother is older since she is in a nursing home. Let's assume for the sake of example that her interest is equal to 25% and that you and your sister...

    5 lawyers agreed with this answer

  8. Contact "probate" - what dos this mean?

    Answered about 1 year ago.

    1. David Andrew Greene
    2. Evan H Farr
    3. Joseph Franklin Pippen Jr.
    3 lawyer answers

    In Virginia there isn't a separate probate court. If you're trying to contact the probate court in Virginia, see the Circuit Court Clerk in the relevant county or city. I've attached the link to the circuit court for Prince William County, VA.

    3 lawyers agreed with this answer

  9. Real estate deed in name of husband. No mortgage & no Will in Virginia

    Answered about 1 year ago.

    1. David Andrew Greene
    2. Paul Rutledge Durr III
    3. Michael Leo Potter
    3 lawyer answers

    I agree with Mr. Darr. I would add, however, that when we say "estate" we mean everything that your husband owns that is not joint with you (not exclusive to real estate). Essentially, the value of all he has is added together, and you would inherit 1/3, and his children would collectively inherit 2/3. It is possible that, depending on the value of all those assets, that the real estate could pass to you and still leave enough to satisfy his childrens' 2/3 share. If not, then his children...

    3 lawyers agreed with this answer

  10. Can I cash a check made out to my daughter's estate?

    Answered about 1 year ago.

    1. David Andrew Greene
    2. Donna R Blaustein
    2 lawyer answers

    There is a small estate procedure in Virginia that is simpler than a full-fledged probate. Depending on what assets she had, the simplified small estate procedure may be the best way to proceed. The local circuit court clerk cannot give you legal advice but may be able to point you to the required forms. A probate attorney could also steer you in the right direction without a lot of time. Of course, this all hinges on my assumption that daughter died in Virginia. If not, some other states...

    2 lawyers agreed with this answer

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