Charles F. Colombo's Answers

How can we initiate a discovery of funds from a lawsuit in which all of the awards are supposed to be part of an estate?

Several Probate Court Rules address procedures that may be followed after a proceeding becomes a contested matter. In Michigan, the Estates and Protected Individuals Code authorizes specific procedures for discovery when fraud, conversion, or the withholding of assets is alleged. However, more information is needed regarding what type of instrument your father had (will or trust) and what type of estate proceeding has been opened, if any. Feel free to contact my office in Shelby Township to...

Can power of attorney change a will?

You should first check to be sure what powers have been given to your Aunt by reviewing the document. A power of attorney is a written document by which you voluntarily choose another person to handle some or all of your property and financial affairs. A power of attorney is often used for convenience. For example you could designate someone to attend a real estate closing for you and sign on your behalf. This is typically and ordinary power of attorney that ends when you become mentally...

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Dissolve LLC Partnership

When you formed the LLC there should have been an operating agreement signed by both partners specifically stating how to handle a buyout, dissolution or desire to leave. If there is no operating agreement in place, your state should have a Statute or LLC act that governs the dissolution or winding up of an LLC. Your attorney should be able to advise you of the acts default provisions that govern dissolution. You should attempt to schedule a meeting with your partner, attorney and...

Statement "remaining balannce will be charged off and no additional payment will be required" protect me from a deficiency judge

Without reading the closing statements it is difficult to say with certainty, but I would not rely on that statement to prevent you from deficiency liability. I have seen banks in the past include similar language on the approval letter and then secure a judgment for the deficiency months later. You absolutely need to hire a local attorney familiar with Real Estate transactions to review the documents and add language that releases you from all future liability relative to any deficiency...

My father died and left a irrevocable trust which left his assets to charity and excluded myself and my children

A trust can be challenged as void because its creation was induced by fraud, duress, or undue influence or because its purpose was unlawful and contrary to public policy. You will have to check with your state's statute of limitations to determine the time frame for bringing a claim against a trust. It is in your best interest to contact a local attorney familiar with this area of practice to determine what your state's requirements are for creating a trust and whether you have a valid claim...

Do non-taxable gifts, under the annual exclusion, count against a Medicaid applicant for the 5 yr look back?

Most states have enacted the Deficit Reduction Act (DRA) signed in February of 2006. The DRA includes several provisions designed to discourage the use of such "Medicaid Planning" techniques and to impose penalties on transactions that are intended to preserve wealth while enabling access to public benefits. Regardless of the amount, any gift that is made is a transfer and subject to the five year look back period for Medicaid purposes. The sum this question is referring to is the amount...

What will happen to my dads assetts?

Doris is correct that the state's intestate succession laws will govern an estate without a will. Additionally, the facts indicate that the deceased was remarried. I will assume that he was divorced prior to remarrying and therefore you should obtain a copy of the divorce decree that may give the first wife a right to some of the assets if she survived him. Specifically, you should be on the look out for retirement benefits (i.e. pensions) that may be designated to his first wife per the...