Is there somewhere I can find & quote that inheritance is not income, (besides here) when responding to an attorney's letter?
Not every inheritance is tax free. For example, if the money came from and IRA or qualifed benefit plan, there may be income tax owing. You need to clarify your question and be more specific.See question
We both have jobs but they do not provide medical, we live with my parents and have a healthy relationship. in order for my dad to cover them on his insurance they need to be guardians. We only want this to be temporary and we will still be fianac...
Don't do it. This sounds like an attempt to defraud the insurance company.See question
I am not married and have one Son only, My home , cars, monies, and personal belongings should be left to him in case of my death. I have a living will signed by myself and two witnesses. It has not been Notarized. In case of my death, will it b...
While you are far better protected by engaging counsel, you can sign a will if done properly, and even have the option to write a "holographic" will (which is generally in your handwriting, signed and dated). Another option if you refuse to see a lawyer, is to use the California Statutory Will Form, that you can find on the state bar website.
A living trust and/or a more comprehsensive plan is preferable, but you can do it yourself if you are careful with language and the "what if" questions. For example, what happens if your son predeceases you? Where does it go? Who should your executor be.
Proof of signatures do not match what is showing on the trust and will with other documents signed by my father.
I agree with the other answers. Get to an estates attorney immediately. Be sure you are working with someone who specializes in trust and estate litigation.See question
the trust at this time so that I am covered at the time should he predecease me?
While life insurance could work, your husband has to be insurable and willing to pay the premiums. He could set up an irrevocabl;e trust now, but presumably the present value of the 4 million would be what is transferred in. If he promised to do this at death, the present transfer into a trust, or directly to you, is a different animal that what he stated he was willing to do. To do a transfer now, he has to be willing to do it. The other alternative is to include provisions in his will or trust, but keep in mind he could change them at any time prior to his death.
How has your Husband agreed to do this? Was it just an oral promise? Is there a contract? If there is a premarital Agreement or similar agreement you may have enforcable rights if he fails to comply with his contractual agreements. . More information is needed if these factors exist. .
have both provided substantially all items needed to close. We only await some title and disclosures, incidental items. I want to include the property in my tax reporting for 2013, and I believe there is an allowance in the tax law which says that...
Generally we defer the payment of taxes. I assume you have an expiring capital loss or other tax benefit you need to use this year. Unfortunately I agree that the recognition event occurs at close of escrow. This will not happen until 2014.See question
I need to file tax form 1041 for my dad. I requested the bank statements directly from the bank and was denied because the account is a conservatorship account and not his personal account.
Yes, if you have taken the proper steps to be confirmed as the personal representative. In a probate, this means you have been appointed by court order. In a trust, if the account is in the name of the trust, you are appointed the successor trustee. There are, of course , other circumstances, but the first step is to determine exactly how the acount is held.See question
I am the grantor and sole beneficiary of an irrevocable trust formed in year 2000, and I would like to remove my father as the trustee of my trust. I already have a bank serving as co-trustee. What form do I need to file with the court to remov...
I agree with Jennifer. You should, however, carefully review the trust instrument.. It may provide methods to remove and/or replace a trustee. If your father is capable, he may be able to make the change if the trust is, in fact, revocable. If it is irrevocable, you may only rely on the trust terms. Short of a protective provision in the instrument, you likely have to go to court.
Another possible short cut is to simply ask the trustee to resign. They may . You then have to know exactly what happens under the trust instrument if the corporate fiduciary resigns. This may or may not fix your problem.
Your most effective course of action is to engage a capable estates attorney who can review the materials and advise you as to your rights .
My grandparents left their house in "Trust" with my mother as a Trustee and beneficiaries being my mother, aunt and uncle. My grandparents will stated my mother could occupy the residence for 5 years and stated nothing about what happens after th...
I would suggest you start with a title seach with a local title company. Once you know exactly how title reads, then , if it shows the trust as owner, you need help in interpetation of the trust. You really need to engage a capable estate administration attorney to help walk you through the process.See question
I am in the process of divorcing my spouse, and part of the divorce decree is that I will become the sole owner of some property in Florida. We had put the property into a family trust years ago, and I have filled out a quitclaim deed with my husb...
You will likely need to engage Florida counsel to complete the transfers in an effective manner. Don't try to do this yourself, as a title flaw will be expensive and time consuming to fix.See question