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Darlynn Campbell Morgan

Darlynn Morgan’s Answers

12 total


  • I just reviewed my mom's irrevocable income only trust and there is no specific clause regarding a step up basis being retained

    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.

    Darlynn’s Answer

    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.

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  • My grandmother died making her neighbor the personal representative her estate. What happens when I object the choice of the PR?

    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 ...

    Darlynn’s Answer

    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.

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  • I am the sole beneficiary of an IRA (inherited). Can I choose to cash out?

    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?

    Darlynn’s Answer

    Yes you sure can. It will cost you, as there are taxes and other implications.

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  • I would like to leave my estate to my three show dogs and have my partner designated as trustee of my estate.

    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...

    Darlynn’s Answer

    A pet trust will accomplish the care and maintenance of your beloved pets with the appropriate controls.

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  • Do I need an estate attourney?

    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...

    Darlynn’s Answer

    Yes, you and your son are entitled to your husband's share.

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  • Do I have a right to a listing of assets and values from my parent's estate?

    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...

    Darlynn’s Answer

    Yes, you are entitled to an accounting, which is a listing of all assets, income and expenses of the estate.

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  • Can my spouse and I distribute various percentages to our beneficiaries in our Joint Revocable Living Trust?

    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...

    Darlynn’s Answer

    Yes, you and your husband can agree to different percentage splits. Planning for a blended family can be tricky but definitely worthwhile.

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  • In my mom WILL she made my Aunt the executor of her belongings I was under age. Is she still the executor since I'm an adult?

    The Will was done in the 70's. We don't know if she has an updated Will either.

    Darlynn’s Answer

    Yes, your aunt is still the executor unless mom revises her will.

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  • Am i intitled to any money my father inherits from my grandma but he was never financially there for me or in my life now im 21

    im now 21 and he recieves 500 grand and has never been a father to me how can i sue him or collect legally

    Darlynn’s Answer

    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.

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  • Protecting assets from deep pocket litigation

    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...

    Darlynn’s Answer

    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.

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