Charles Adam Shultz’s Answers

Charles Adam Shultz

Los Angeles Probate Attorney.

Contributor Level 19
  1. How much tax will I have to pay on 145,000 gift from my dad

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. James P. Frederick
    3. Luca Cristiano Maria Melchionna
    4. M Kay Lewis
    4 lawyer answers

    Unless you dad has used up his lifetime exclusion amount and there is a net gift agreement (mean the gift pays the tax), you will not owe any taxes. Gifts are the obligation of the donor and after the 14,000 annual exclusion, the donor has a lifetime exemption of $5.25M. Gifts do not create income.

    14 lawyers agreed with this answer

  2. Transfer-on-death trust triggers reassessment?

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Erik Robert Hartstrom
    3. Cheryl Rivera Smith
    4. Robert Paul Bergman
    5. John Noah Kitta
    6. ···
    6 lawyer answers

    I would advise against trying to do your estate plan on your own. This is a simple issue that the estate planner would be able to assist you with. There are many other issues that you should consider from assets to health decisions while you are living that a qualified planner can walk you through. That said, the simple answer is no. The transfer to a revocable trust in which you are the Settlor and Trustee will not trigger reassessment. The deed needs to be prepare correctly and you...

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  3. I have a living trust done in California I recently moved to Texas. Does the trust need to be redone

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Amanda Marie Cook
    3. James P. Frederick
    4. Timothy Edward Kalamaros
    5. Edna Carroll Straus
    5 lawyer answers

    Your trust should be fine. The issue is making sure that it is fully funded. If you hold any property in your individual name without a beneficiary probate will be necessary. If you intend to have your trust managed after you death by a trustee in Texas, it might be advisable to restate the trust and incorporate Texas law as you trust undoubtedly states that it is governed by California law. A Texas court can still deal with it, it just makes it harder for the court if there are issues.

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  4. Probate: Can I contest a administrator and petition the court to take over a estate if the admin. is not doing his job?

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Craig Martin Scalise
    3. Gregory Paul Benton
    3 lawyer answers

    If the administrator is causing harm by breaching the duty to protect the estate and engaging in self-dealing, if you have an interest in the estate, you absolutely can seek the administrator's removal and seek to surcharge the administrator for the administrator's wrongful conduct. Get an attorney quickly.

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  5. How do we put all my mothers assets in her childrens name but let her keep her homestead exemption .

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Dagmar Pollex
    3. Francis S Leontitsis
    4. Stephanie Sauer Woods
    5. Paul Rudolph Miller
    6. ···
    7 lawyer answers

    Without meeting with and speaking to your mom, no attorney can give you an answer. Its usually a red flag when family members are asking how they can take their parents assets when their parents are living. If you are looking to plan for government benefits, your mother must consult with an attorney with significant experience to qualify for government benefits because carving up her estate with gifts can cause disqualification periods that could be significant. In addition, it is...

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  6. My Mother has a living trust in which I have no copy of. My sister is power of attorney and has filed Quit Claim D on property.

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Joseph Michael Pankowski Jr
    3. Michael Leo Potter
    3 lawyer answers

    Unfortunately your only option is to pursue conservatorship proceedings. The conservator will be able to get the trust and can look into the propriety of what you sister is doing. The court can also freeze or void any powers or documents your sister created or got your mom to sign. You should do this sooner rather than later. Look for a Elder Law attorney with trial and litigation experience. You need someone who is not afraid of confrontation.

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  7. Can a Trustee be Under Agreement (U/A) with a trust ?

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. James P. Frederick
    3. Dagmar Pollex
    3 lawyer answers

    Not sure what your question is. What its seems like is that John Doe created a trust for the benefit of Jim Doe and named Jack Doe as trustee of that trust. That is perfectly fine if that is in fact the case.

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  8. When real property is inherited from a Living Trust, will I be liable for taxes?

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Erik Robert Hartstrom
    3. Theodore Michael Hankin
    4. James P. Frederick
    4 lawyer answers

    No. The basic difference between a will and a Trust is that assets not in a trust that are to pass to your heir would have to be probated. The Trust avoids probate. When you receive your parents interest in their home, you will be able to claim a parent child exclusion from reassessment of property taxes. As for Estate Taxes, because the exemption is now $5.25M per person, unless your parents estate is over that, or your estate is will be over that amount, then the issue between a Will...

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  9. What is a customary flat-fee charge for an estate/trust lawyer?

    Answered about 1 year ago.

    1. Michael Raymond Daymude
    2. Thomas Edward Rossmeissl
    3. Erik Robert Hartstrom
    4. Charles Adam Shultz
    5. Gregory Paul Benton
    6. ···
    6 lawyer answers

    I don't know any attorney who charge a flat fee for trust settlement. As for probate, the fees are statutory. You want a qualified attorney so interview several. Don't make your decision on saving alone because cleaning up mistake is more costly than good work up front

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  10. Estate administration for United States citizen living in Mexico - Which country has jurisdiction over assets after death?

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Paul Rutledge Durr III
    3. Celia R Reed
    3 lawyer answers

    Mexico law will control the assets in Mexico. US Estate Tax law will apply to all assets so if his assets were over 5.25M an estate tax return has to be filed and taxes may be due. What assets are in your dad's name and what assets in the trust. Im assuming no assets in Mexico were in the trust. The trust should contol the non-Mexico assets in the trust. You state your father lived in both places? Where was he living when he died? Regardless of the form (probate or ancillary...

    12 lawyers agreed with this answer