file for admin hoping if no heir step foreward maybe can buy then house. another person show iwith a trust and file for admin also. judge grants neither of us admin at this time and sets up mediation. in the meantime my council gets copy of the tr...
Unless you are an interested party, you have no standing. If you have an attorney, you should defer to his/her judgment.See question
1.) Because my share as beneficiary of my parents trust is being withheld in an attempt to strong arm me to accept only a portion of my full distribution, and result in:. - My sons and I becoming homeless at the end of the month - My v...
Do you have a particular question or are you just venting?See question
My husband and I set up a standard A/B Trust in 2000. Under the A/B trust, half of our assets was supposed to go into the A trust and the other half was supposed to go into the B trust after the first spouse dies (only for tax shelter purposes). ...
Generally speaking, married couples use an A/B Trust specifically to maximize the use of both of their federal exemptions from estate tax. So this fact alone will not have any affect on whether you can revoke the B Trust. When your husband died, the B Trust became irrevocable. In general, a trust cannot be revoked without the consent of all the beneficiaries, or persons for whom the trust was created.See question
I was seeing if I can get a hearings to get my CA FL back . I got a DUI and diving on suspended back in 04 in CA . I did everything that they asked me to . I moved to CO and got a DUI in 08 . Dmv in CO told me that under there state law that I...
I'm not sure what your question is, but you can always apply for a critical needs restricted driver's license in California.See question
We have a residence valued at 1.3 Million and have about 500K in cash and 400K in retirement funds. Is a Will sufficient or should we establish a Trust. What type and how do we best go about it? What fees should we expect to pay?
A trust would certainly make it possible to avoid probate, which is both costly and lengthy. The larger your estate, the costlier the probate process. However, there are certain benefits to probate, so it should not be the only reason to create a trust. As far as cost, it really depends on how extensive your estate plan is. It can range from a a few hundred dollars for a simple will to a few thousand dollars.
Take a look at these estate planning mistakes. It may answer some of your questions.
Mistake #1: Thinking That You’re Estate Is Too Small. Estate planning does not depend on how much stuff you have. It’s about how you handle what you have and will have in the future. Your net worth may influence the type of estate plan that’s right for you, but rarely is an estate too small to require some form of planning.
Mistake #2: Thinking You’re Too Young. Again, a lot of people think they are not old enough to need an estate plan. It’s surprising to see the number of obituaries for people in their 30’s, 40’s or 50’s. Everyone over the age of 18 should seriously consider having an estate plan, especially if they have young children.
Mistake #3: Failing to Plan for Incompetence. A common misconception is that estate planning is just a death planning tool. That’s just one piece of the pie. Every estate plan should also address what happens with you and your finances in the event of an accident or other unfortunate circumstance that may leave you unable to make your own decisions. Guardianship proceedings for a mentally incompetent adult are usually extremely burdensome and costly. A well-drafted estate plan will avoid this problem by incorporating an Advance Healthcare Directive and Financial Power of Attorney.
Mistake #4: Confusing Probate and Estate Taxes. Probate and estate taxes are separate animals. Probate is a court supervised process of administering the estate of a person who dies by resolving claims of creditors and finally distributing the property under the terms of a will. If no will exists, California determines who gets what. Unfortunately, probate can be a daunting, lengthy, and expensive process.
The estate tax (death tax) is a federal tax imposed on the transfer of your “taxable estate,” regardless of whether your property is transferred by will or trust. Avoiding probate does not necessarily avoid the estate tax. Likewise, just because your estate is not big enough to incur an estate tax does not mean you will avoid probate. In certain circumstances, however, probate may be avoided if the estate is small enough.
Mistake #5: Not Titling Assets Correctly. This is one of the most overlooked aspects of estate planning. When a trust is set up, assets need to be transferred into the trust. To do this requires changing title of the assets. Property that does not have a title or a documented owner, such as furniture, personal effects, and household goods must be listed in the Trust, an attachment, or amendment to the Trust as being owned by the Trust. Unless the assets are titled correctly, there’s a good chance that they will have to go through the probate process.
Also, people often misuse “probate shortcuts,” like joint ownership, payable on death accounts, and beneficiary designations. These could be useful. But they can ruin an estate plan if not properly integrated.
Mistake #6: Planning Around Specific Assets. Often, people dictate specifically what they want to happen to each specific item they own. The problem is, they may have different assets when they die or the value of the assets may have significantly changed in value.See question
We have bank accounts and home titled in the name of the revocable trust of which we are both trustors/grantors. Since my husband passed away last year, Do I need to file anything separately for the trust or for him (assets in the trust are well b...
I'm terribly sorry for your loss. Attorneys Henry and Symons provide sound advice. I would add that if there was income, there is joint and several liability for the spouses who sign and file a married filing joint return. That is, your husband's estate would be liable on any income tax, but so would you (unless you qualify for innocent spouse relief to reduce your personal burden). The law requires that you file a final income tax return for your husband through his date of death to report income. You should speak with a competent attorney who can advise you on whether you should file two married separate income tax returns for tax year 2012 (one for each of you) or a married filing joint tax return. There are benefits and disadvantages to both, so I suggest speaking with an expert who can fully ascertain your goals and objectives.See question
The house belongs to my uncle and we have rented for 9 years from him month to month. Nothing in writing. He wants to raise the rent now, which I don't want to pay. He wants us to sign a lease now. I want to move out but can he kick us out wheneve...
I agree with the attorneys above. Know that your uncle cannot simply kick you out without a court order. There are very strict law prohibiting "self eviction." That being said, you may want to avoid the headache and find another place to live, especially if you don't have the funds to defend a lawsuit. Good luck.See question
We purchased a new mfgd. home in 2007 with a 20 yr. chattel loan. We put it in a park in San Bernardino County. If the home is repossessed, are we liable for deficiency judgment? I know real property is not liable in California, but since this is ...
Possibly. California Health and Safety Code Section 18038.7 will likely control and applies to sellers (not lenders). The Code provides that “[n]o deficiency judgment shall lie in any event, after the sale of any manufactured home, mobilehome, commercial coach…for failure of the purchaser to complete his or her sale contract given to the seller to secure payment of the balance of the purchase price…” Although you may not be liable to the seller (i.e., for a seller carryback), if the seller is not the lender, the language in your loan documents will probably control. I suggest you heed Mr. Priest’s advice and speak to an attorney.See question
The point is , I would prefer to have the brokerage commissions directly funded into the entity that is held by the Qualified Retirement Plan of another company that I own. This would be for tax reasons. My legal question, however, is only as it r...
As long as the entity is not involved in the transaction and the agent is the sole owner, then yes. The broker must be provided with a W-9 for the entity and notarized letter from the agent stating that he/she is the sole owner and directing the broker to pay the commission to the entity. I encourage you to speak with an attorney first.See question
Action is a limited civil case for damages of $3086.03 plus interest at the rate of 10% per year from 9/29/2011 plus other the court deems just. The summons says I must respond in 30 days by proper legal form. Do I have to repond to the court? Ca...
Understand that these debt collectors buy these debts for pennies on the dollar. Their business is literally filing lawsuits. You can settle, but as Mr. Chen states, you will likely need to file sn answer. If you don't, you risk a default, in which case you lost your bargaining chip.
That said, you would be well advised to speak with an attorney who handles debt collection cases. It would be money well spent.See question