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.
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.
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.
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!!
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...
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!