Amanda Marie Cook’s Answers

Amanda Marie Cook

San Diego Estate Planning Attorney.

Contributor Level 15
  1. Does the recipient of a "gift" exceeding the annual allowance in value have to declare it on their taxes?

    Answered over 1 year ago.

    1. Amanda Marie Cook
    2. Michael Raymond Daymude
    3. Joseph Franklin Pippen Jr.
    4. John P Fazzio III
    4 lawyer answers

    The donOR is responsible for gift tax; the donEE pays nothing in gift tax. The donor should file a Form 709. In most instances, it will not result in any actual gift tax, but it will impact their estate tax so they should keep a copy of the filed 709 with their other estate planning documents. Failure to file a 709 carries heavy consequences. Additionally, because coin collections fluctuate in value over time, you should speak with your tax advisor concerning the basis of the collection and...

    12 lawyers agreed with this answer

  2. At what point do we need a lawyer?

    Answered over 1 year ago.

    1. Thomas Anthony Schaeffer
    2. Amanda Marie Cook
    3. Lawrence A Friedman
    4. Joseph Bernard Mchugh Jr
    4 lawyer answers

    Has the uncle agreed to sell his portion of the property. He can't be forced into selling his half. Does anyone live in the home? How is their ownership held (e.g. joint tenants/tenants in common)? Although I sympathize with your situation, the facts that you have provided are two very different issues. One issue is the abuse, which you can attempt to remedy by contacting authorities, possibly a restraining order, or other similar methods (that is outside my practice area). The other is...

    12 lawyers agreed with this answer

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

    Answered about 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

    No, it does not need to be redone. Estate planning documents are not invalidated by a subsequent change in residence. However, estate planning is a process rather than an event. When major life changes occur, it is wise to review your estate plan in order to determine whether any changes should be made. Particularly depending on the reason for moving (e.g. grandchildren, great new job, retirement, marriage) it may be important to update your plan. As an aside, don't take legal advice...

    11 lawyers agreed with this answer

  4. Filed Chapter 7 in 12/08, dischaged in 4/09. Both my primary residence and income property were included in the BK.

    Answered over 1 year ago.

    1. Brian Crozier Whitaker
    2. Amanda Marie Cook
    3. William James Waters
    4. Scott Benjamin Riddle
    4 lawyer answers

    Definitely contact a tax professional and make sure Form 982 is filed. Although it is not income to you and, therefore, will not increase your tax liability, it is a reportable transaction. The IRS matches SSNs between tax returns and income documents (such as 1099s) and the last thing you want to do is invite a nastygram or audit.

    11 lawyers agreed with this answer

  5. My stepmother says that she won't open probate on my father's will and that we don't need to see a copy of it. What can we do?

    Answered over 1 year ago.

    1. Michael Raymond Daymude
    2. Amanda Marie Cook
    3. Joseph Michael Pankowski Jr
    4. Benjamin W. Scott
    4 lawyer answers

    You need to get an attorney on board right away to protect your rights. It may be worthwhile to initiate probate on your own and the court will compel some cooperation from your stepmother.

    10 lawyers agreed with this answer

  6. How Can I Get Letters Of Administration, Appointing Me As An Administrator, On A Closed Estate?

    Answered about 1 year ago.

    1. Amanda Marie Cook
    2. Christine James
    3. Charles Adam Shultz
    4. Joseph Michael Pankowski Jr
    4 lawyer answers

    Your question is confusing. You should seek the advice of an attorney who can look over the relevant case file(s) and help you determine your next steps. More information is needed about your rights to the property, the parties involved, and the status of your claim(s).

    9 lawyers agreed with this answer

  7. Can there be two trusts on one property?

    Answered over 1 year ago.

    1. Charles Adam Shultz
    2. Michael Leo Potter
    3. James P. Frederick
    4. Amanda Marie Cook
    5. Daniel Mcgraw Little
    5 lawyer answers

    In addition to the sound responses from other attorneys, the proper title to assets held in trust is "XXXX, Trustee of the Jones Family Trust dated AAAA," and "YYYY, Trustee of the Jones Family Trust dated BBBB" As such, the date AND trustee likely differentiate the trusts.

    9 lawyers agreed with this answer

  8. Can you change the terms of a will by mutual agreement of beneficiaries, instead of litigating over original will?

    Answered over 1 year ago.

    1. Christine James
    2. Amanda Marie Cook
    3. Bernard Harley Greenberg
    3 lawyer answers

    You can settle pretty much anything out of court process; in fact, it is generally preferable to do so. However, you should make sure that procedurally you get it all done correctly with the court.

    9 lawyers agreed with this answer

  9. How is income paid to trust treated in year trustee dies?

    Answered over 1 year ago.

    1. Amanda Marie Cook
    2. Michael Raymond Daymude
    3. James C. Higgs
    3 lawyer answers

    Your father should have a final individual income tax return (Form 1040) covering the period from January 2012 until his death. The trust should file Form 1041. You should speak with a good tax preparer, accountant, or tax attorney about filing Form 1041 as there are a number of elections that may be beneficial depending on your circumstances. The 1041 will generally generate a K-1 for each beneficiary. As a result, the Successor Trustee should seek advice immediately in order to avoid...

    9 lawyers agreed with this answer

  10. Foreigner purchases a home in CA for investment purpose under an LLC registered in Delaware. .

    Answered over 1 year ago.

    1. Amanda Marie Cook
    2. Michael Charles Doland
    3. Eric Jerome Gold
    4. John Noah Kitta
    5. Dana Howard Shultz
    5 lawyer answers

    In addition to complicating the matter, be wary of the tax consequences of this type of transaction. The LLC is a resident of DE with CA source income so 6 tax returns could be necessary (partnership/corporate returns for the LLC and individual returns). You also need to speak with a CPA or tax attorney to help you determine the nature of the gains (if any) when sold. Although it seems counter-intuitive, there are situations when real property gains are NOT capital gains and may even be...

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