Isn't your wife her guardian already? Doesn't she already control the disbursement of funds? I assume that your wife could control the funds to the extent that she deemed appropriate until your daughter reached age 18. At 18, unless their are circumstances that make your daughter legally incompetent, your daughter would be able to control any funds she received. If there is a substantial amount at issue, you would likely have to receive some court approval to create a trust (and I think,...
A theft loss is deductible in the year the loss is discovered, regardless of when the theft actually occurred. But the deduction is postponed to the extent taxpayer, in the year of discovery, had a reimbursement claim on which there was a reasonable prospect of recovery.
You ought to talk to an attorney or CPA an make sure you properly claim the deduction to the fullest extent possible, and are mindful of all the rules when you file, to minimize issues with the deduction.
JASON C. HUNTER...
The other answers are correct and appropriate. In similar cases handled at our office, we have had Trustees try to allege that efforts to remove the constitute a challenge of the trust. In our experience, courts can differentiate between challenging a trust and enforcing it. This is important to us because we don't want courts even considering "no contest clauses," which are enforceable (allegedly) in Utah--where our primary practice is set.
Best of luck.
You may have set up the accounts as being owned by you, but somehow attaching the grandchildren's names. If that is the case (i.e., if the account were owned by you), you can close them any time without consequence.
On the other hand, you may have set up the accounts under a Uniform Transfers to Minors Act (also known as UTMA) set up. If that is the case, the kids likely have some vested rights and their parent may be able to assert those rights on behalf of the grandkids (and possibly...
You really need to go see a lawyer--if there is a guardianship in place, something will have to happen to address it, and that something will likely involve a court proceeding and/or DCFS. If you have limited means, you may want to contact the Utah State Bar and see if there is a "low bono" attorney that can help (at a reduced fee). You may also want to contact Utah Legal Services.
When you say you have already agreed upon pricing, is that in a written contract? If so, you need to review the contract to see what changes in pricing can be made, or what the process is for a change. If you have not agreed to pricing in a signed writing, the answer to the question of whether you can hold him to a certain pricing arrangement is difficult. It would depend a lot on the facts and circumstances surrounding the agreement.
You may want to consult with a good construction...
You need to contact the department of child and family services if the children are being neglected.
If the parents would consent to you becoming the guardian, you should go see an attorney about a guardianship and conservatorship proceeding...but you should note that DCFS might become involved even if the parents do consent.
Property would have left the trust in one of three ways: (1) as a distribution to a beneficiary, (2) by exercise of a power granted to someone (e.g., a trustee or trust protector) to make a discretionary transfer (which would be similar to a distribution), or (3) by way of a purchase transaction. You need to review the trust agreement to determine how the transfer might have been permitted. I highly recommend you review the trust agreement with a trust attorney--I find most non-attorneys do...
I agree with the prior answers in many respects, but the stage of your venture is unclear. If you are just starting, it is key to lay a good foundation. However, I am not convinced you need to be in Delaware to start and it is a long road to go public. I would recommend you consult with an attorney regarding a solution that fits your current phase--recapitalizing later and changing jurisdictions is not super complex, and if you need some VC along the way, they will want you to do it there...
I would supplement that if you are trying to remove yourself as power of attorney and co-trustee for your mother, it may be a good time to have your mother make a new power of attorney (poa's should be updated frequently anyway) and review your mother's trust in light of your father's passing.
JASON C. HUNTER
Salt Lake City Office:
299 South Main Street, Suite 1710