I am the trustee of an ILIT and I wish to cash in the life insurance policy before the death of the grantors because I have been informed by the grantors that no more gifts will be made. All beneficiaries are in agreement with this decision and th...
It is important to review the trust document to see what language it has regarding your duties. Additionally, check the laws of the state where the trust is sitused. Your duty is to the beneficiaries. Not just the current beneficiaries, but any contingent or future beneficiaries.
If the Grantors have given you notice in writing that they do not intend to make any additional gifts, then you should review all of your options in regards to the current trust assets (including the life insurance).
You should likely meet with the insurance advisor to determine what options you have as the owner of the policy. Make sure you get all of the communication with grantors and beneficiaries in writing. Some options may include: paid up policy with reduced death benefit; taking a loan against the death benefit to pay the premiums; having the beneficiaries contribute to the trust to provide the cash to pay the premiums.
It is vital that you look at the trust and state law to see if you what protection you have and your duties.
If there is a trust protector or investment trustee/advisor, then I would meet with them about your options and plan.
Lastly, if the policy is cashed in then the trust still controls how you can distribute those assets. It is often not as simple as simply having the beneficiaries agree (but that is a good start on the insurance issue). You still have the grantors' intent and the trust language controlling the distribution. Usually, it is not the beneficiaries that need to relieve you from those distribution obligations.
I usually petition the Court to allow for the termination of the trust and distribution as the parties (including Grantors) agree.
Good luck.See question
My car was impounded last night, I've been calling my estate lawyer all day but I can't reach her. I need my vehicle! Can I sell off a few shares of my inherited stock on my own, or do I have to use my lawyer? Every day it's going to cost me more...
If the stock has already been distributed to you as the beneficiary of the estate then you should not need to discuss it with the estate lawyer.
If it is still in the estate, then you should contact the Personal Representative. If you are the personal representative then you should wait. It not advisable to make distributions without following the required probate process.
The home is in my name only as I placed it there acting as her POA a few months prior to her passing. Even so, the home was willed solely to me.The money from the sale will be divided equally between myself and one sister. FMV of home is about 115...
As Mr. Friedman stated you should have the transaction and potential taxes reviewed by a tax professional - a CPA or tax attorney.See question
In an effort to "consolidate" my estate I have been closing CD's at maturity and re-depositing the moneys to a Money Market at another bank. This year I was told by the bank that since the CD's were in the name of our trust, for which I AM the on...
Likely the bank wanted to ensure that they had the correct payee. It is equally likely that a knowledgeable banker would have been able to work with you to achieve your goals once you established that you were the sole trustee. As the sole trustee and beneficiary, you can make distributions from your checking account into a money market account. You should check with your estate planning attorney to make sure the money market account is properly titled.See question
We have a relative living in the house Who is causing problems and it would be in the best interest of my mother for them to leave. She is uniwilling to ask them to leave even though they have been verbally abusive with her. She 80yrs old. Does ...
It would also be important to know whether you currently have the authority to act on behalf of your Mother. Is she incapacitated as defined in the document or state law? If not, does the POA require incapacity in order for you to act?See question
Would you be able to file a lawsuit pro se under the business name if you are using it as a sole proprietorship or would the name need to be registered as an LLC? The suit would be a business vs another business. I have successfully won pro se ...
I do not entirely understand your question but caution you against the unauthorized practice of law. You should look into what Ohio considers representing another and make sure it doesn't apply.See question
Can she amend her old Will to add properties and also does she need a Trust? My 3 siblings and I will have to divide 9 properties and in today's market the values could be hard to determine as well as change in the next 10 years. How then is it ...
It does have some mess potential, but a good estate planning attorney should help get it straightened out. Assuming your mother still is mentally able to go through the process, all of our will benefit from having an updated and clear document. Although you did not provide values of the properties, it may be that a living trust is a good solution. The current will applies to assets she did not have at the time she wrote it. It may not go to whom she wants, but rather fall into the residuary provisions. I suggest you review some of the legal guides available on this site and plan on another consult with a local estate planning attorney that can help clean this up. Good luck!See question
You should check with rhe local courts or legal clinics to see if there are forms to help you with the legal process involved in changing your name.See question
I am heir in will.
Simply being an heir under a will does not give you access to the bank information. The other answer set forth the process for obtaining the information. The only additional question I had was who was the account joint with? If the joint owner survived your parent then you may have to talk to them about getting the information you seek.See question
I'm 17 years old and will be 18 next summer. My mom passed when I was 7, and she left a trust fund, but my dad says there is no money. Both my parents and grandma signed it as proof that it was supposed to be placed. My twin sister and I are suppo...
The right to recover against your father, as trustee, would depend on whom the beneficiaries were after your mother passed away. If your father was the beneficiary or one of the beneficaries, then your remedies may be limited. Either way, if you are a beneficiary then your are likely entitled to an accounting of the trust assets and expenses. In English, your dad should be able to demonstrate where the money went. You also may be entitled to a copy of the trust. At any rate, you should seek the advice of a local trust and estates attorney if your father is unable to adequate address your questions.See question