If you can show that the buyer is related to the Personal Representative, then that is certainly a potential problem. If that is the case, it is possible that the deal can go through, but the property and all its contents should be appraised and the sale price should be at or above the appraised value. The PR is opening herself up to potential liability, which she should not do. Does the PR have an attorney?
Whether this is actually a problem or not is not clear from your facts, but you have...
I think that the asker is frustrated that people with so much more than his or her mom are able to qualify when she cannot. It is because the law was set up so that it did not force people to sell the house and car. More an more often, when benefits are received, however, the house and car are eventually used to recover money for the State, when the nursing home patient dies.
It is a very complicated area of the law, and in years past, there were many abuses. There was even an attempt during...
As long as you purchase the home at fair market price, it would not be considered divestment. The larger problem is that, while the home is an exempt asset for qualification purposes, the proceeds from the sale of the home are countable assets, that would render your grandfather ineligible for benefits, until they are spent down.
I do not think you plan will work. That does not mean that all hope is lost. Your grandfather needs to meet with an elder law attorney to determine how best to...
You may be able to record an "affidavit of correction," indicating this was a scrivener's error. I would have the attorney do this for you, since it was the attorney's error. I have used this procedure in the past. You will want to have the attorney contact the register of deeds to confirm this will resolve the problem. This should not be a difficult process.
I agree with Ms. Goldstein. There is nothing wrong with you going to the law office and requesting the Will. Where you may run into a problem is if the lawyer was a solo practitioner and the office has simply "evaporated." In that case, you should consult with an attorney on your own to determine whether you can probate a copy of the Will, if you have one.
You have received some great advice. Much of it is contradictory. The problem with a site like this is that we get only a small snippet of facts and very little in the way of your objectives. In most cases, it is necessary for an estate planning attorney to sit down with a client and discuss the entire situation before being able to answer questions like the ones you posed. This sometimes takes an hour or more of time. Many lawyers do not charge for this initial consultation. The answers to...
I agree with my colleagues that you would normally not need to pay any tax on this gift. Of course, there are situations when that is not the case. You would not pay gift tax because gift tax, if there is one, is paid by the donor.
But you would generally receive a "carry-over basis" in the gifted assets, (which is what your dad paid for them). If you later sell the assets at a gain, you would pay income tax on this. You might also have estate taxes, if your estate is very large.
I agree that your question is not entirely clear. U/A is a common abbreviation used when referring to a trust agreement. If Jack Doe is acting as Trustee of the John Doe Living Trust, then the above caption would appear to be fine.
I agree with Mr. Shultz. The date of the trusts will distinguish them, unless they were signed the same day. If they WERE signed on the same day and it is important to differentiate, then the attorney(s) who prepared the trust should review this.
You can LEAVE it to her. If you die before she turns 18, she cannot legally receive it. A better approach MIGHT be to establish a trust. That way, you avoid probate completely, and you can dictate when and how your daughter would receive her inheritance. It might not be a good idea to simply hand a big check to an 18 year old.