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Justin Jay Watling

Justin Watling’s Answers

669 total


  • Is it possible to take the house out of the trust and put in my and my sisters names?

    When my father passed away he put his house in a trust. We are interested in refinancing the house, but can't do it since it's in the trust.

    Justin’s Answer

    Much depends upon the language of the Trust. An estate planning attorney (maybe the one who wrote the Trust) should be consulted.

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  • What are the tax consequences/considerations of being a beneficiary of a will/trust? What is the process to access the gifts?

    (estate planning, trusts, wills, trust beneficiaries, will beneficiaries) I am writing my will and creating my trust and I was wondering what the tax consequences for being a beneficiary of either of these documents. Does it show up as income tax?...

    Justin’s Answer

    I agree with all responses indicating that this is not a DIY area. Even attorneys who do not practice in the estates/trusts are obtain legal advice and assistance from an attorney who has experience in these ares.

    If you receive assets as a beneficiary, the income tax effect of that receipt is not controlled my HOW you received it (Will, Trust, designated beneficiary, etc.). Rather, it is controlled by WHAT you received. Some assets, like cash, life insurance proceeds,Roth IRAs, tangible personal property, real estate, stocks, bonds and mutual funds do not generate any income tax liability to you upon their receipt by you. However, upon a later sale of some of those assets by you, a capital gains tax might be incurred.

    Other assets known as tax-qualified assets (like IRAs, 401(k)s and other employment-related benefits, annuities, U.S. Savings Bonds, usually will generate some income tax liability to the recipient.

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  • What are the tax consequences/considerations of creating a revocable trust and an irrevocable trust for medicaid purposes?

    I want to create a trust for my family. I have minor children and I want to control the distribution if I die. What are some tax considerations I could consider? Also, my mother wants to create a trust to "hide" her assets for medicaid purposes. W...

    Justin’s Answer

    There are few, if any, added income tax issues arising out of the creation of a living trust for you and your family. IRA and other not-yet-taxed assets do require special attention..

    There can be many income tax issues when doing nursing home/Medicaid planing.

    Obtaining advice directly from an attorney with experience in each particular area is a must.

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  • Is this possible/legal? How do we do this? How much does it cost? Is a trust the only option?

    (practice area- Estate planning, trust, irrevocable trust, will, probate, elder law) I have an older parent and we want medicaid to pay for her long term care when she turns 65, she's 58 now. We want to put her assets into a trust so she ...

    Justin’s Answer

    An irrevocable trust is one option that is used often. There are at least two other options available. The only way to handle this issue .is for the parent to consult an experienced Elder/Medicaid law attorney. There are so many variables is each case, that generic or general responses to questions containing only some pertinent facts are useless.

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  • The bank says it needs to go through probate, but that will cost 200.00 to file. Is there anything else we can do?

    My father passed away in December of 2015. He did not have a will because his home and things like were already out of his name. He did have a checking account, the balance is around 600.00. No one besides him and my mother were on the account and...

    Justin’s Answer

    Use a Summary Relief From Administration if you have a receipt showing you paid the funeral bill and the amount you paid is at least as much as the amount in the bank account.

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  • Does it mean there may be more to this or am I just misunderstanding.

    My father passed in October of 2015. I just received a copy of his will. It leaves all to his wife. There isn't any mention of his four children. There are two papers that they want signed and returned. A waiver of notice of probate of will an...

    Justin’s Answer

    There is enough to this to make it obvious that you need the advice (for sure) and assistance (possibly) of an experienced probate attorney. Do not delay.

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  • What should we do with my relative's will--probate it (and relieve it from administration), or do nothing?

    My relative's estate has only furniture, clothing, and other household goods worth less than $3,000. She lived in an assisted living facility so she had no real property or cars. Her financial accounts were all POD or TOD. And there is no controve...

    Justin’s Answer

    Concealing is only an issue when there are assets to be probated and the Will is not offered for probate in an attempt to prevent its terms from being carried out.
    You already have possession of the tangible property, so there is no need for probate at this time.
    Some families opt to file the Will for the purpose of preserving it in case it is needed later (probate assets are found). Such a filing does not require the opening of an Estate or any other subsequent filing.

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  • Can the executor still collect under the Ohio law that provides the executor compensation schedule?

    A will (in the state of Ohio) names an executor and states that the executor is to serve without fee.

    Justin’s Answer

    Is the Executor to serve "without fee" or "without bond"?

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  • Am I responsible for my dead sisters H20 bill, account was in my father's name who has been dead for 20 years?

    My sister moved into my parents home (rental in OHIO) and never changed to water bill account. She recently passed away and had no money or real assets left after funeral expenses. Final water reading shows balance of $463.88 (apparent leak after...

    Justin’s Answer

    Who owns the real estate and what is the plan for it moving forward (sell, transfer, etc.)? The bill likely will have to be satisfied out of any proceeds arising out of the sale of the real estate. If you are going to walk away from the real estate because it has no value in excess of liens on it, then you have no obligation to pay it.

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  • I have a Transfer-On-Death Designation Affidavit. It is already filed and recorded at the court house. How do I make active?

    2012 Transfer-On-Death Designation Affidavit, deceased passed 2015, need to take ownership of the property as soon as possible. Transfer-On-Death Designation Affidavit is filed and recorded at the court house.

    Justin’s Answer

    • Selected as best answer

    You need to file an Affidavit if Confirmation (with a certified copy of the Certificate of Death). You also need to file a Notice to Medicaid Estate Recovery Of Pending Transfer of Property by Transfer on Death Deed. Finally, you'll need to fill out a Form DTE 100(EX) and file it with the County Auditor prior to recording the Affidavit. The total cost for transfer and recording should be $36.50.

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