Steven Matlin Greenwood’s Answers

Steven Matlin Greenwood

Thousand Oaks Estate Planning Attorney.

Contributor Level 12
  1. Can property be transferred from one family member's living trust to his adult child's living trust? Are there tax consequences?

    Answered over 1 year ago.

    1. Steven Matlin Greenwood
    2. Bernard Harley Greenberg
    3. Jane Kempf Penhaligen
    4. Matthew Erik Johnson
    4 lawyer answers

    Regarding the transfer of the land as a gift, the gift tax would apply. It can be mitigated by first, using annual exclusion amounts ($14,000 per year per person), and if the individual gift is in excess of that amount, the lifetime exemption may be invaded up to $5,250,000. After that, a gift tax would be payable. The specifics of how to accomplish this should be discussed with a tax/estate planning professional. Properly done, a gift of this sort could be really valuable with no gift tax...

    15 lawyers agreed with this answer

  2. I live in CA and an Attorney firm in OR overpaid me as as a Living Trust Beneficiary. Now he wants me to send back that amount

    Answered almost 2 years ago.

    1. Steven Matlin Greenwood
    2. Michael Raymond Daymude
    3. Steven M Zelinger
    4. Eric Jerome Gold
    4 lawyer answers

    So let me see if I got this right. You want the attorney who made a mistake to have to pay for the mistake himself either out of pocket or through his insurance (if he has any) so that you do not have to return the money you did not have coming and you do not deserve. It sound like you want to punish the attorney for his error so that you can remain unjustly enriched. Is there something beyond the attorney's error that might justify your position?

    12 lawyers agreed with this answer

  3. Irrevocable trust

    Answered over 2 years ago.

    1. Steven Matlin Greenwood
    2. Arthur Harold Geffen
    3. Rabeh M. A. Soofi
    4. Alice A. Salvo
    4 lawyer answers

    Before you act in a manner that cannot be reversed, I strongly suggest you seek the advice of a qualified estate planning attorney who can guide you on the particulars of setting up and maintaining an irrevocable trust. You really didn't give enough information for specific comments but such a plan may very well have negative tax consequences, require additional maintainance that you did not contemplate, and otherwise wind up not meeting your overall planning objectives. Please carefully...

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  4. Should trustee deed a life estate in real property to a beneficiary, or hold the property in trust for duration of life estate?

    Answered over 2 years ago.

    1. Steven Matlin Greenwood
    2. Kevin W. Davidson
    3. James T. Weiner
    3 lawyer answers

    A question of this nature requires substantially more information to arrive at a viable answer. Here is the general rule. The disposition of any property is a function of the power vested in the Trustee of the trust which must be exercised in accord with the terms of the trust agreement AND as a fiduciary (highest standard of care) to the ALL beneficiaries. Which option to consider must be decided within this context. Look to the trust agreement for guidance, e.g. was the life estate given...

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  5. My spouse is on title to a home with his elderly parent. If the parent passes away, will the home be held up

    Answered over 2 years ago.

    1. Steven Matlin Greenwood
    2. Frank Wei-Hong Chen
    3. Larry Dale Webb
    3 lawyer answers

    The answer to your question depends upon the manner in which title is held. If it shows no specific title form or if it shows tenants in common, probate will likely be necessary, delaying the sale you seek. If the property is held as joint tenants, with the filing of the proper affidavit with the county recorder, a sale could be facilitated quickly. There are several caveats to this answer which require more info. Seek legal counsel before you do anything.

    7 lawyers agreed with this answer

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  6. Not sure if we should challenge fathers trust?

    Answered over 1 year ago.

    1. Dorian L Jackson
    2. Steven Matlin Greenwood
    3. Rosemary Jane Meagher-Leonard
    4. Joseph Franklin Pippen Jr.
    5. Michael Raymond Daymude
    6. ···
    6 lawyer answers

    Not having any knowledge regarding this issue, I can't say whether this amendment is the result of undue influence. Assuming your father has the legal capacity to make the changes you've mentioned, they are valid, IF, no intervening issue invalidates it, e.g. fraud, undue influence, mistake, etc. The best protection you have against these possibilities is the LEGAL REQUIREMENT that in order for this amendment to take effect, your father must have an independent attorney review the requested...

    7 lawyers agreed with this answer

  7. Will, estate planning and non-USA resident beneficiary for a Permanent resident

    Answered over 1 year ago.

    1. Steven Matlin Greenwood
    2. Jane Kempf Penhaligen
    3. Sarah Faith White
    4. John Noah Kitta
    4 lawyer answers

    Estate planning should be done in the country where you 1) reside, and 2) own property. Inasmuch as you are now residents and presumably are acquiring assets here, you definitely want to prepare an estate plan covering you here. The suggestion of a local successor trustee is a good one since the estate will be administered here. If you own real property in India, additional planning will be required in relation to it. As part of that planning, you will want to have prepared appropriate...

    6 lawyers agreed with this answer

    1 person marked this answer as helpful

  8. Do we have to hire the trustee and pay fees? if yes how much normally

    Answered over 2 years ago.

    1. Steven Matlin Greenwood
    2. Matthew Jason Staub
    2 lawyer answers

    Normally, the trustee named in a deed of trust will be a title company who, as part of its business, will act as the foreclosing agent in the event of non-payment. Virtually all trust companies have a form trust deed on their websites which name them as trustee, and allow you to fill in the blanks as appropriate. There is NO fee attached to the use of the form or naming the title company as trustee, UNTIL you seek foreclosure. But be careful, it is REALLY easy to make a mistake and unless...

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  9. In california i am the executive of my mothers livings trust. the property address is not in the living trust

    Answered over 1 year ago.

    1. Steven Matlin Greenwood
    2. Sarah Faith White
    3. Joseph Franklin Pippen Jr.
    4. Michael Raymond Daymude
    5. Samuel R Walker
    5 lawyer answers

    The answer to your question depends substantially upon whether your mother is still alive or not. Once that is discerned, then a series of additional questions come into play. Your power to act also depends upon the language of the trust agreement. By "executive" I am making the assumption you mean "trustee". I'd also be concerned about whether the title had actually be changed in relation to the public record. These are questions only a competent estate planning attorney can help you with....

    6 lawyers agreed with this answer

  10. My LLC corporation, can it act as Trustee of a Trust I want to create and fund with a piece of real property.

    Answered over 2 years ago.

    1. Steven Matlin Greenwood
    2. Steve S Baghoomian
    3. Frank Wei-Hong Chen
    3 lawyer answers

    The answer to your question is yes. But I am not at all sure why you would do that. What are you trying to accomplish with that design? I think you would be well served to get very clear regarding your priorities to be set in relation to your family and the design elements necessary to meet your goals in relation to those priorities. You question suggests the need to consider the big picture before you make specific decisions that may or may not be in accord with it.

    6 lawyers agreed with this answer