or anything about capital gains tax. We are past the 5 year mark for Medicaid purposes, but I am worried about taxable gain when my mother passes. Thank you so much if anyone can provide any insight.
You'll definitely need to consult with an attorney experienced in irrevocable trusts. Generally speaking, there is no step up in basis for assets in an irrevocable trust.See question
As a beneficiary, I received paperwork from the state saying I have the right to object to the selection of the PR but what happens when I do? How easy is it to have an "impartial" PR assigned as opposed to the neighbor who was named as PR AND ...
That was who grandma picked; there could be reasons to challenge, but they are high hurdles to clear. An attorney could help you discern if there is any basis.See question
I am aware that there might be tax implications involved, but my main question is: can I cash out or do I have to keep the account open if the IRA trustee says so?
Yes you sure can. It will cost you, as there are taxes and other implications.See question
My partner of 40 years is also a co owner of the dogs. He is 58 years of age and his currently on SSI and Medicaid. His SSI check each month is $733.00. I believe that under SSI He is unable to use any of his funds to RENT a home and there is n...
A pet trust will accomplish the care and maintenance of your beloved pets with the appropriate controls.See question
My mother-in-law passed away on April 25, 2015, and did not have a will. She had 5 children, and they have several properties that they were planning to sell and split the money between all 5 children. Well unfortunately my husband who was one o...
Yes, you and your son are entitled to your husband's share.See question
Dad died in August 2013, mom was handling the assets and estate until her death in April 2014. My sister was named Executrix and my brother and I did not dispute this. However, within a week of mom's passing my sister had fully cleaned out my pa...
Yes, you are entitled to an accounting, which is a listing of all assets, income and expenses of the estate.See question
I have 4 kids with my present spouse, and 2 kids from a former marriage. My current spouse only wants to distribute 20% of her estate to my 2 kids, from my previous marriage, but I want all of my children to split the remaining income of our est...
Yes, you and your husband can agree to different percentage splits. Planning for a blended family can be tricky but definitely worthwhile.See question
The Will was done in the 70's. We don't know if she has an updated Will either.
Yes, your aunt is still the executor unless mom revises her will.See question
im now 21 and he recieves 500 grand and has never been a father to me how can i sue him or collect legally
There is no legal entitlement to an inheritance based on the facts you mention. You may want to see a copy of grandma's will though.See question
I was reading a lawyer’s website that said that offshore trusts are “exploding” as a mechanism for protecting assets from “deep pocket” litigation. I’m all for that. Does anyone know whether these vehicles have merit and, if so, what it would co...
They are very expensive and add much complexity to your life. I can't give you a "price" because it will vary widely. Generally speaking, asset protection usually starts in the 5-figure range.
Asset protection is a continuum- there are solutions that offer various levels of protection, and the solution that works best for you will depend on different factors such as (1) what kind of assets are you trying to protect? (2) where is the source of potential liability? (3) how much protection do you want for what level of complexity and cost?
And Insurance is always the best "first step."
Typically asset protection will consist of forming entities, business entities and/or irrevocable trusts. It gives you leverage, and shifts the balance of power away from a vexatious plaintiff.See question