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Neal Michael Rimer

Neal Rimer’s Answers

27 total

  • Just finished remod. the second , this week will remod. the first, planning a short sale in few months , advise

    2 months ago i had the second - equity line of credit - remodifed to a lower percentage, now we are working on the first loan, , they promised us a 4 percent and it will take 6 weeks, the question is , will this conflict with my plans to sho...

    Neal’s Answer

    If you have the income and desire to live in the house, then after many years of paying the mortgage, the principal balance will be much less. Also, if you believe that in your area, there will be appreciation in value of the residences, including yours, then holding onto the house will eventually result in equity. If you cannot afford to live there due to your income, then a short sale may be appropriate in your circumstances.

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  • Would it be appropriate to give a court appointed trustee/conservator information about a conservatee's financial information?

    A conservatee friend (dementia) asked me to explain the letter she got from her conservator's attorney. In glancing at the document I noticed reference to her rentals/income missing and the bank balances are lower than I would expect. Do I have ...

    Neal’s Answer

    Yes. Assuming that the conservatorship is both over the person and the estate, then the conservator's obligation is to round up all the assets; inventory them to the court; obtain their valuations; collect all income and pay all expenses; and then render an accounting to the court. Your assistance in helping the conservator find all the assets would be a good thing.

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  • Does a court appointed trustee/conservator have the legal right to transfer property?

    My friend, who is under conservatorship, has all her real property in the name of her court appointed conservator who is now the owner of those properties according to public record. Is this acceptable?

    Neal’s Answer

    Sure. It is appropriate in a conservatorship for the conservator to be the owner. The conservator must comply with the authority granted by the court. It is likely that to sell or transfer real property the court must issue an order allowing the conservator to sell or transfer that particular parcel and would also have to give the court the reason why the conservator believes that it is in the best interest of the Conservatee to get the court to approve.

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  • Beneficiary is living out of the country. can he give power of attorney to anyone to represent him and collect his distribution

    My son is beneficiary in a trust that trustee is ready to distribute. He wants to give me power of attorney to receive his distribution since he is living out of the country. I would then follow his instructions on taking care of some old debt...

    Neal’s Answer

    You son can use a special power of attorney to accomplish an agent obtaining his funds.
    When a Trust becomes irrevocable, like on the death of the "owner," it is the Trustee's obligation to give a notice within 60 days. Also, an accounting is required by the Trustee. The probate code in California prohibits the requirement of a release to obtain payment.

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  • 2nd Mortgage holder collection notice.

    About 4 years ago I had a home foreclosed on me. There was a second mortgage on the home. The second mortgage was sold to a new financial institution. I just received a bill from the second mortgage holder asking for payment. what type of atto...

    Neal’s Answer

    If the holder of the 2nd mortgage was the person who foreclosed on the property and it was a non-judicial foreclosure, then you do not owe the new holder of the 2nd mortgage any money.

    If the holder of the 1st mortgage did the foreclosing, then the holder of the 2nd mortgage just holds a promissory note, which they can sue to collect.

    There is a statute of limitations on the collection of promissory notes. It might be coming toward the end and that is why you got the collection notice. They might file suit soon to protect the statute from running.

    You need to get advice on exactly what took place during the foreclosure and identify if the holder of the 2nd has any current rights to payment. If they do, then you need a real estate lawyer or litigator to negotiate a resolution of the payment due, either a compromise and immediate payment or installment payments that you can afford.

    A holder of the 2nd mortgage, without security, is likely to compromise the amount due on the note to get some money rather than take a chance on filing suit and not being able to collect. It all depends on your financial status and the assets you have.

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  • What can I put into a settlement and release agreement?

    I am currently in the midst of a negotiation of a settlement and release for the buyout of my shares in a company. We had agreed verbally upon a preliminary price for the shares, but now it has become obvious that the defendant is negotiating anot...

    Neal’s Answer

    You can negotiate and put anything into a contract that is lawful. The key to making a change in value clause enforceable is to make sure that the methodology and terms are clear, concise and specify exactly how the change in value is determined and how it is to be paid. You mention the term "compensation" instead of consideration. If you are structuring the price for the shares and part of the "package" is compensation, ie., wages of some type, then a change in the value of the shares is usually would not change "compensation" it would only change the price paid for the shares. The structure of the transaction results in certain tax ramifications. All of the issues are part of what is negotiated to resolve your termination of employment and the purchase of your shares.

    Perhaps your lawyer is concerned about the completion of the transaction you are working on. Sometimes it is better to resolve and move on that to involve yourself in protracted litigation at additional costs.

    Make sure you analyze the benefit of further negotiations, the possibility of the negotiations breaking down and the possible benefit to be obtained from those additional negotiations.

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  • Can a successor trustee of a revocable trust act before he is sworn under oath to be trustee?

    My dads girl friend sold all dads bonds stocks and mutual funds, the day he died like 2 hours after he died. She was only successor trustee, No DPOA. Is this so wrong or am I crazy.

    Neal’s Answer

    There is no "sworn under oath" after a Trustee dies and their successor Trustee takes over.

    I usually create an acceptance for the successor Trustee to execute to indicate that they are then in control, as Trustee, and agree to perform their responsibility pursuant to the terms and conditions of the declaration of trust. This acceptance is not a legal requirement for the successor Trustee to be in power. Only the events identified in the declaration of trust are relevant. The trusts usually state that upon the death of trustee... successor trustee takes over. Usually a "certification of trust" is the only requirement to give to third parties to evidence who the trustee is.

    In connection with basis changes and death, since the tax basis is changed to the date of death value, and in most cases (at this moment in time) a lot of stocks and bonds are lower in their value that at their time of purchase, the losses would not be identified and useable by the decedent if sales did not take place before death. Basis adjustments are made as of the date of death and those losses disappear and can never be used.

    Perhaps the sales of loss items occurred before death and would therefore be utilized to reduce other gains before death or other income before death. That could be a tax saver for the estate.

    Assuming that your dad's girlfriend does what she is obligated to do upon your dad's death as the successor trustee, you will get a notice of death and will be given a copy of your dad's estate plan or given the right to request a copy. I would suggest that you get a copy and see if you are a beneficiary. When would you "take" or get something from the trust? Does the trust stay in existence for the benefit of your dad's girlfriend? For how long? Are you also a beneficiary during the continuation of the trust during that continued period? Do you only get something after your dad's girlfriend dies?

    You will be entitled to an accounting from the Trustee. You should be advised of various transactions that take place as well. .. assuming that you are a beneficiary...

    and... don't forget to talk to your dad's girlfriend about the situation... as successor trustee, she is now a "fiduciary" and as such much communicate with you as a beneficiary, assuming your dad did name you as a beneficiary now or in the future.

    You, as a beneficiary, might want to retain an attorney to make sure that everything is done correctly and legally within the terms of the trust. The cost of an attorney will come from your pocket, not the trust, unless the trustee fails to render an accounting as required under the law.

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  • How do i see my grandmas will

    i want to see if my grandmas will was changed before she died.

    Neal’s Answer

    If you know who the executor is, i would ask for a copy from them. Usually the executor will copy and mail to you the latest Will when requested.

    If a probate has begun, you can get a copy from the court file. You may get a notice of the probate in the mail so you would know what the file number is. Ask to look at that file when you go to the courthouse to see the will.

    If a lawyer sends out the notice you might find that calling that office and requesting a copy of the will is all you need to do to get a copy.

    You should also be aware that many current estate plans are created with the idea that the Will is only used to "pour-over" any assets outside of a trust (owned or titled in a persons name), to a trustee of a trust. In essence, the Will is really secondary to a living trust which is created during life for a trustee to hold the title to the assets instead of a person.

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  • Do I have the right to see actual bank statements after ther death of my Dad, handled by stepmother

    FAther had trust, and will. Step mother is trustee now. Is it my right to see the actual bank statements from date of death, and each year thereafter, once yearly. I am one of a few benefiaries. She is only providing a letter, from her, that lists...

    Neal’s Answer

    If you are a beneficiary of the Trust (you should have received a notice that the Trust became irrevocable and should have been given the right to request a copy of the Trust and other estate plan documents), then you have a right to an annual accounting.

    The probate code in California describes the accounting that is required. It does not seem that your Step-Mother has provided the proper accounting to you. Perhaps you did not get the required notice either.

    You should consult an attorney and demand an accounting. If you do not get an accounting, you can file court documents to require an accounting. Failure of the Trustee to properly account can lead to the termination of that Trustee.

    You have rights that can be exercised and should proceed with an attorney's assistance to get the information that you are entitled to obtain.

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  • My loan foreclosed non-judicially in California, can the lender still come after me for the remainder of the loan?

    My loan foreclosed non-judicially in California, can the lender still come after me for the remainder of the loan (the sold price vs. the loan amount - 150K+)?

    Neal’s Answer

    • Selected as best answer

    No. When the lender decides to use a non-judicial foreclosure in California, there is no further liability by the borrower after the foreclosure is completed.

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