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Hannon Taylor Ford

Hannon Ford’s Answers

124 total


  • DO I CLAIM THE MONIES FROM A SELLEMENT ON MY INCOME TAX FORM

    DO I PAY TAXES ON A CAR INSURANCE SETTLEMENT

    Hannon’s Answer

    Sorry, no one can answer this question precisely. It depends on what the settlement monies were paid for and how it was structured.

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  • Dependents of tax forms

    I have a question regarding filing dependents on a tax form. This past year I did not work because I was at home taking care of my child who I had with my boyfriend. We have been together for 8 years and have lived together just as long. Becaus...

    Hannon’s Answer

    If you owe no taxes, a return is not necessary or for that matter a claim that you made no money. Someone can claim dependents if they are providing more than 50% of their support. See an income tax preparer to see if there are any other requirements for claiming a dependent on your boyfriend's return.

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  • Need to file taxes for deceased with insolvent estate?

    My mother passed away in August at the age of 60. She was employed full time up until her death. She was divorced and my sister and I are her only children. She did not have a will and therefore there was no executor. We did not need to go through...

    Hannon’s Answer

    Only the Personal Representative of her estate or other similar representative can file taxes on her behalf. If the estate is insolvent, then all tax refunds would go to the creditors of the estate. If no one files taxes, then no one can claim a refund. You have no responsibility as childrren to file or pay taxes on her behalf. Be careful that you have not claimed any assets of her estate, as they are part of what she may owe creditors.

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  • Removal of deceased person on property deed through a live estate.

    My wife will receive property that was deeded to her through a life estate when her mother passes on. There are three children on the deed and one of them has now passed away. How is the name of the deceased child removed from the deed? This pers...

    Hannon’s Answer

    Most commonly in MN, the deed will read that your wife's mother gave the property (as Grantor) to the 3 Children she names on the deed (Grantees) with no mention of Jointly or otherwise. This means that each of them recieved a share as Tenants in Common, which the previous post by the Attorney in Michigan was correct in stating that it would require that the portion of the deceased child passes to his/her children (Unfortunately through the probate process for that child). I do recommend having a MN attorney look over that deed to make sure you understand how things must be handled. Best wishes.

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  • My live-in boyfriend died unexpectedly, what personal property rights do I have?

    My live-in boyfriend died unexpectedly after we lived together for 4 years. There was no will so the house and estate will go to his surviving children who now live with their mother full time. What rights do I have to the property that was in the...

    Hannon’s Answer

    Personal Property inherently has the problem of proving ownership. Legally, any personal property which he owned you will have no rights to and should be turned over to the administrator of his estate (Personal Representative). Conversely any personal property which is yours is still yours. Jointly owned personal property will be very difficult to prove to his estate. It is best if you can show which is his and which are yours.

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  • What are the pros and cons of placing your home in a living trust that presently contains only financial assets.

    The trust belongs to a single person with two heirs, one of which is a blood relative. It is a Minnesota trust.

    Hannon’s Answer

    I like the previous answer from the attorney in FL. However, the Garn-St. Germain Act allows any homeowner to transfer the property into trust, whether or not the mortage company likes it. I'm a big fan of revocable living trust and using them to distribute your estate in the way that you wish. Another choice in MN is the Transfer on Death Deed (the TODD). But it only offers limited options on who gets what.

    The downside of a trust is that it costs more up front from most attorneys. It's important that you know, there are a lot of different things that can be in a trust and you can have one with lots of good things in it or one with barely anything that could be helpful.

    To place the home in trust will require recording a deed. This will be way much cheaper than going through probate; especially since a trust already exists.

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  • I live in MN; both parents passed away this year. If my name is on their savings account, does this have to go thru probate?

    My father passed in June. At that time, my sister and I had our names added jointly to my Mother's banking accounts. She now has recently passed away. Since our names were on the accounts, are we allowed this money without going thru probate? T...

    Hannon’s Answer

    In MN, the account you described is considered joint and is not required to probate to recieve the funds. However, it is important that you know that if a probate is started, then that account is subject to creditors claims. This means you can't spend it, if there are more debts than money going through the probate process. Best wishes.

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  • In the State of MN, do documents such as a life estate or a living trust need to be legally filed to be considered enforceable?

    My aunt had a living trust created, about 4 years ago, and named her granddaughter as the trustee. Only real estate was included in the trust. Since that time, my aunt has decided that it is not in her best interest to have her granddaughter as ...

    Hannon’s Answer

    A living trust is usualy revocable and amendable. Your aunt should be able to change the trustee with a simple amendment to her trust. Also, trusts are not typically recorded and it does not make it void for any purpose. Even if it is an irrevocable living trust, there are usually ways for the grantor (your aunt) to undo it in some way. I recommend you take the trust and your aunt to an Estate Planning attorney to review it and make the necessary changes for her estate. Also, she may want to include the rest of her probate assets in the trust to avoid the cost, and delay of that court process on all her assets. Best wishes.

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  • My dad is 80, has CA, is now delusional unable to make decisions, He has no living will or POA, What do I do to become his POA?

    My dad has cancer and has become delusional and unable to make any decisions, my mom died many years ago, What do I neeed to do to get POA, he has no living will, no will, no medical POA.

    Hannon’s Answer

    There are two answers to your question. First, you may be able to get a Power of Attorney for any decisions if you dad has "legal capacity". This is different than most people think. Many people are surprised to know it doesn't take as much as they think. This would require an attorney to visit with him to determine whether he has enough capacity. It is important to note that it is in that moment and not all the time. Sundowners often do much better in the morning and wouldn't have the same ability to sign in the afternoon.
    Second, if you father truly does not qualify for this capacity, your only remaining option is guardianship through court processes (comparatively expensive). This is always used as a last resort for those who did not plan ahead. I recommend getting him to an Elder Law attorney as soon as possible to see if he can still do it the easy way.

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  • Will Medical Assistance in MN lein a property after the surviving spouse dies?

    My mother was on Medical Assistance for few years at the end of her life. She needed so much specialized medical care that I imagine the state paid a hefty price. My father survived her, and in his last two and a half years of life my adult brothe...

    Hannon’s Answer

    Medical Assistance can and will make a claim against the estate if there is a probate. There may be some exceptions your brother could qualify for in limited circumstances. I recommend talking specifically with an Elder Law attorney about any exceptions your brother may qualify for. If you need a referral to one nearby you, email me directly with the request. Best wishes.

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