Michael Philip Kerner’s Answers

Michael Philip Kerner

San Francisco Estate Planning Attorney.

Contributor Level 6
  1. A friend loaned me money via his CA S-corp; he died and the corporation dissolved. How can I find out who my creditor is now?

    Answered almost 4 years ago.

    1. Michael Philip Kerner
    2. Steven Alan Fink
    2 lawyer answers

    When the corporation was dissolved the assets remaining after payment of debts were distributed to the shareholders. It is likely that the shareholders were the beneficiaries of your friend's estate, and it is likely that the kids are the beneficiaries. If you really want to settle this debt you should ask the kids to identify the trustee of the trust and executor of the estate (probably the same person). He or she can tell you who inherited the stock and is therefore entitled to repayment...

    2 people marked this answer as helpful

  2. My sister and I co-own a house as Joint Tenants. Will my property tax be reassessed if we change to Tenants in Common.

    Answered almost 4 years ago.

    1. Steven W. Winton
    2. Michael Philip Kerner
    3. Ayuban Antonio Tomas
    3 lawyer answers

    Severing the joint tenancy and creating a tenancy in common will not trigger reassessment of the property.

    1 person marked this answer as helpful

  3. Are verbal wills recognized in California?

    Answered almost 4 years ago.

    1. Michael Philip Kerner
    2. L. Maxwell Taylor
    3. Janet Lee Brewer
    3 lawyer answers

    The phone message has no legal effect. In the absence of a will, your father's estate will be distributed according to the rules of intestate succession. Thus, you will inherit half of the estate and your deceased brother's children will inherit the other half.

  4. How to close or dissolve the company just endorsed?

    Answered almost 4 years ago.

    1. Michael Philip Kerner
    2. Charles Alexander Naegele
    3. Pamela Koslyn
    3 lawyer answers

    You may file dissolution documents with the Secretary of State or just let the corporation "die on the vine." You will not be personally liable for California franchise taxes and penalties incurred by the corporation.

  5. Any tax obligation in California when the lender accepts to do deed in lieu?

    Answered almost 4 years ago.

    1. Charles Alexander Naegele
    2. Michael Philip Kerner
    3. Henry Daniel Lively
    3 lawyer answers

    Any portion of a loan secured by real property that is forgiven by the lender can result in "cancellation of debt" income tax liability. There are exceptions under the tax code that apply in the case of cancellation of debt arising out of a loan obtained to purchase the property, but only if the property was used by the borrower as his/her principal residence.

  6. If a house is in a trust, is it safe from creditors?

    Answered almost 4 years ago.

    1. Michael Philip Kerner
    1 lawyer answer

    If your trust is revocable (i.e., if you have the power to revoke) the assets held in the trust are subject to your creditors' claims as if there were no trust. Assuming there is a "spendthrift" provision in the trust, your son's creditors cannot reach the trust assets until they are actually distributed to him. Only an irrevocable trust can provide creditor protection. If you have a revocable trust it will become irrevocable at your death. If the trust continues on after your death for the...

  7. My mom died and my brother was the "executor?" of the estate and his name was on the deed of her main house.

    Answered almost 4 years ago.

    1. Henry C. Weatherby
    2. Robin Gorenberg
    3. Margaret L. Cross
    4. Michael Philip Kerner
    4 lawyer answers

    I know of no state law under which property can be "automatically" inherited (other than property held in joint ownership with right of survivorship). I believe you will have to pursue a probate case in New Hampshire. Depending on New Hampshire state law and the value of the property, New Hampshire may have an abbreviated form of probate available.