James P. Frederick’s Answers

James P. Frederick

Livonia Probate Attorney.

Contributor Level 20
  1. How much tax will I have to pay on 145,000 gift from my dad

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. James P. Frederick
    3. Luca Cristiano Maria Melchionna
    4. M Kay Lewis
    4 lawyer answers

    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. So the...

    12 lawyers agreed with this answer

  2. Can a Trustee be Under Agreement (U/A) with a trust ?

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. James P. Frederick
    3. Dagmar Pollex
    3 lawyer answers

    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. James Frederick

    11 lawyers agreed with this answer

    2 people marked this answer as helpful

  3. Can there be two trusts on one property?

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Michael Leo Potter
    3. James P. Frederick
    4. Amanda Marie Cook
    5. Daniel Mcgraw Little
    5 lawyer answers

    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. James Frederick

    12 lawyers agreed with this answer

  4. If I wanted to leave everything in my will to my 17 year old daughter could I do it legally?

    Answered over 1 year ago.

    1. James P. Frederick
    2. Robert Michael Goldberg
    3. Dagmar Pollex
    4. Michael Leo Potter
    4 lawyer answers

    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. James Frederick

    12 lawyers agreed with this answer

  5. My grandma passed away and left me money in the will. The poa is my uncle and I was wondering how long he has to give it to me

    Answered over 1 year ago.

    1. James P. Frederick
    2. Joseph Michael Pankowski Jr
    3. Craig Martin Scalise
    3 lawyer answers

    I assume you meant to say that your uncle is the executor or personal representative of the estate. An agent under a POA has no legal authority, upon the principal's death. There is a procedure for going through probate, and how long it takes is part of that procedure. The answer to your question depends on facts that are not included in your summary. For that reason, you should consult with a probate attorney where the estate is being administered. James Frederick

    12 lawyers agreed with this answer

  6. My brother became terminally ill in July. He passed in Oct. Three days before he died, my sister created a will leaving every

    Answered over 1 year ago.

    1. Christine James
    2. James P. Frederick
    3. David John Tappeiner
    4. Steven M Zelinger
    5. Laura Rose Nelson
    6. ···
    6 lawyer answers

    You will need to contest the Will, if it is offered for probate. This should be done with the help of a skilled probate attorney. If the facts are as you stated, you have a very decent chance of prevailing, in spite of the fact that Will contests are usually an uphill and expensive battle. James Frederick

    12 lawyers agreed with this answer

  7. Who pays the probate attorney? Shouldn't the Personal Representative pay this person?

    Answered over 1 year ago.

    1. Marian Audrey Lindquist
    2. Stephanie Sauer Woods
    3. Jimmy Allen Davis
    4. James P. Frederick
    5. Brantley Daw Oakey
    6. ···
    7 lawyer answers

    The attorney is paid by the estate. It comes off the top of the estate, before distributions to the beneficiaries. The attorney fee is an administrative expense of the estate even though the attorney represents the PR. I know that is not what you want to hear, but it is the law. James Frederick

    12 lawyers agreed with this answer

  8. I am the executor for a small estate, do I need to pay taxes for an estate that is worth less than $15,000?

    Answered over 1 year ago.

    1. James P. Frederick
    2. Orsen E. Paxton III
    3. Joseph Franklin Pippen Jr.
    3 lawyer answers

    It depends on what kind of taxes you are talking about. Some states have inheritance taxes. Texas is not one of those states, so if the estate is there, you do not have an inheritance tax issue. But there COULD be an income tax issue, depending on the assets involved. If the assets are U.S. Savings bond, an IRA or other tax-deferred asset, such as a 401k, 403b or an annuity, then there may be income taxes. You will need to consult with a tax attorney or CPA to determine your situation, because...

    12 lawyers agreed with this answer

  9. My parents are leaving me their house in their will. Should I ask to have my name added to the deed before they die?

    Answered almost 2 years ago.

    1. Joseph Franklin Pippen Jr.
    2. James P. Frederick
    3. Scott A Macleod
    4. Steven W Zachary
    5. April Miller-Lepage
    6. ···
    6 lawyer answers

    I agree with Attorney Pippen. You need to have your parents meet with an attorney to get their estate planning updated. But having your name added to the house title during lifetime is generally not a good idea, for tax reasons and for MANY other reasons. Doing so would subject your parents to any creditor claims you have, for example. If you ever get divorced, your spouse could claim an interest in the home. There are lots of horrible scenarios. An attorney can set things up so you wind up...

    12 lawyers agreed with this answer

  10. My uncle passed away on December 1st 2012. His wife is acting really funny now. I want to know who is in charge of the estate.

    Answered almost 2 years ago.

    1. Jeffrey Bruce Gold
    2. James P. Frederick
    3. Roman Aminov
    4. James Andrew Mcglynn
    4 lawyer answers

    IS there an estate? If everything was jointly owned by your aunt and uncle, or if she was named as beneficiary of his assets, then everything would pass outside of probate and whether or not your uncle had a Will would be irrelevant. You need to try to determine how the assets are titled before deciding what you should do about this, if anything. James Frederick

    12 lawyers agreed with this answer