Michael Leo Potter’s Answers

Michael Leo Potter

Las Vegas Estate Planning Attorney.

Contributor Level 20
  1. Inheritance with stepped up basis

    Answered 5 months ago.

    1. Michael Leo Potter
    2. Christine James
    3. Stephen Ross Cohen
    3 lawyer answers

    When a home is in a Trust and the Grantor of the Trust passes, the beneficiary receives the home on a 'stepped up' basis -- with the value (for tax purposes later) being the dollar value of the home at the time of the death of the Trust's grantor. Good Luck.

    13 lawyers agreed with this answer

  2. 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

    Distinguishing them could be important for later Estate usage. Here the 'Jones Family Trust' might refer to two different trusts, ie. John Jones & Melba Jones, Co-Trustees of the Jones Family Living Trust dated Such-and-Such, and then separately Tom Jones & Mary Jones, Co-Trustees of the Jones Family Trust dated such and such date." It would be prudent to have an Estate Planning attorney involved.

    13 lawyers agreed with this answer

  3. If I were on Medicaid and inherited a rental property would I have to give up Medicaid?

    Answered over 1 year ago.

    1. Michael Leo Potter
    2. Charles Lawrence Huddleston III
    3. Paula Brown Sinclair
    4. Justin Jay Watling
    5. Martin Harvey Cohen
    5 lawyer answers

    There are specific guidelines that need to be followed. Each state administers the federal Medicaid program according to their own parameters. I'd recommend you sit down now with an Elder Law attorney in Ohio. Look on Avvo.Com under Find-A-Lawyer.

    Selected as best answer

  4. Do I need an attorney specializing in real estate or trust administration/inheritance law?

    Answered about 1 year ago.

    1. Joel Steven Weissler
    2. Erika L Yuen
    3. Galen Gentry
    4. Daniel Mcgraw Little
    5. Michael Leo Potter
    6. ···
    6 lawyer answers

    You should definitely sit down with a Trust & Estates attorney. See Avvo.Com under Find-A-Lawyer. Enter 'Estate Planning' and 'San Diego CA'. It will bring up several well-qualified attorneys to choose from. Good luck!!

    12 lawyers agreed with this answer

  5. Which prevails, bank registration or trust document?

    Answered 5 months ago.

    1. Michael Leo Potter
    2. Margaret L. Cross
    3. Bradley B Anderson
    4. Ernest Joon Kim
    4 lawyer answers

    The T.O.D. designation controls in this situation.

    11 lawyers agreed with this answer

    1 person marked this answer as helpful

  6. What is the lowest legally justifiable price to sell a home that is part of an estate that protects executor from liability

    Answered about 1 year ago.

    1. Eric Edward Rothstein
    2. Michael Leo Potter
    3. Jayson Lutzky
    4. Albert Cohen
    5. Sharon Melissa Siegel
    6. ···
    6 lawyer answers

    You want to sell at Fair Market Value. Start with an Appraisal and then go from there. Good Luck!

    13 lawyers agreed with this answer

  7. Should I handle all business (sign contracts, register for services etc.) with my LLC name or personal name?

    Answered over 1 year ago.

    1. James Carl Eschen III
    2. Michael Leo Potter
    3. Jeff Hoang Pham
    4. Daniel Nathan Ballard
    4 lawyer answers

    You would sign as folllows: "XYZ Company LLC, by Your Name, as Manager"

    11 lawyers agreed with this answer

  8. What is my business partner's debt obligations if leaving the business before any profit is earned?

    Answered almost 2 years ago.

    1. Michael Leo Potter
    2. Matthew Corin Bradford
    3. Marcus William Morales
    4. Michael Charles Doland
    4 lawyer answers

    First of all, you are NOT 'partners'. You are shareholders (owners) in a business. The ByLaws of your Corporation are similar to a Constitution and set forth the protocol for 'leaving' (i.e. selling your shares to other shareholders etc.). However, you departing shareholder has personally signed and obligated himself to the debt of the 5 year lease and bank loan and start-up expenses. You need to consult with a Business Law attorney (easily found on Avvo.Com under Find-A-Lawyer) to sort this...

    11 lawyers agreed with this answer

  9. I lost elder abuse case against my own daughter regading my property and physical elder abuse due to attorney legal malpractice

    Answered over 1 year ago.

    1. Ajay Mohan Kwatra
    2. George Costas Andriotis
    3. Lawrence A Friedman
    4. Christian K. Lassen II
    5. Michael Leo Potter
    6. ···
    7 lawyer answers

    See Avvo.com under Find-A-Lawyer.

    10 lawyers agreed with this answer

  10. If property is inherited in a trust before marriage & then complete title transfer to spouse occurs after marriage.

    Answered over 1 year ago.

    1. Michael Leo Potter
    2. Ronald E. Stutes
    3. Matthew Erik Johnson
    4. Tim Hong-Chun Lan
    5. Eric Jerome Gold
    5 lawyer answers

    The beneficiaries of the trust receive their property interests 'subject to' any limitations, incentives or conditions set forth in the Trust document. Once property has been received by the beneficiary he or she can do with it as they wish. It is considered their 'separate property' under California law unless the beneficiary adds a spouse to ownership afterwards. I'd sit down with a Thousand Oaks Estate Planning attorney. You can easily find one on Avvo.Com under Find-A-Lawyer. Good Luck!

    10 lawyers agreed with this answer