John Michael Goralka’s Answers

John Michael Goralka

Sacramento Trusts Attorney.

Contributor Level 7
  1. Is it legal for a not adopted ex stepson to end up with the bloodline childrens Aunts residuary + 50% of the estate, the Aunts..

    Answered almost 2 years ago.

    1. John Michael Goralka
    2. Raphael Samuel Moore
    3. Lawrence A Friedman
    3 lawyer answers

    We really need more information to even guess as to the answer. First, the aunt can leave her assets to whomever she chooses. The IRA, 401k and life insurance are generally governed by beneficiary designations completed and signed by your aunt. If a beneficiary designation was completed properly, no court appearance or probate proceedings will be required and no notice to any other parties in needed or generally provided. If a beneficiary designation was not completed, then those items will...

    8 lawyers agreed with this answer

  2. I had to use some of my own personal money to help pay for a lawsuit against my corporation

    Answered almost 2 years ago.

    1. John Michael Goralka
    2. Raphael Samuel Moore
    3. Michael Charles Doland
    4. Evan A Nielsen
    4 lawyer answers

    First, I am sorry about the lawsuit and the use of your personal funds. Your ability to receive a tax benefit for the funds spent defending this matter depends in part on the nature or basis of the lawsuit against the corporation and whether the corporation is an "S" corporation or a "C" corporation. An S corporation is a pass through entity which may enable you to recieve some benefit for the funds spent. Whether the claim or lawsuit will support a current deduction depends upon the basis...

    7 lawyers agreed with this answer

  3. Online Will vs. a 2005 Revocable Trust? Could that online Will be updated/revised?

    Answered almost 2 years ago.

    1. John Michael Goralka
    2. Peter Vincent Arcese
    3. James P. Frederick
    3 lawyer answers

    First, you need to verify that the appropriate assets, investment and bank accounts are transfered to the trust. You should consult with an experienced attorney to review the assets and identify which assets need to be transfered. As a general rule, if record title is in the name of the individual, then the asset or account should be transfered. If there is a beneficiary designation, you need to identify the best manner to complete that designation. Care must be taken for IRA accounts and...

    6 lawyers agreed with this answer

  4. How do we add a shareholder, ie - a Director of Operations, to our S-Corp? I am the President and, and my husband is the VP.

    Answered almost 2 years ago.

    1. John Michael Goralka
    2. Andrew Richard Edward Gale
    3. Michael Charles Doland
    3 lawyer answers

    You have 2 options in adding a new shareolder. First, either or both of the current shareolders and sell some of their shares to the new investor. This is often not the preferred approach as this would be a taxable transaction for the existing shareholders. Second, the corporation may issue additional shares directly to the new shareolder. This would avoid a taxable transaction for the shareholders. If the buy in or subscription price paid by the new shareholder is paid in cash, then there...

    7 lawyers agreed with this answer

  5. My father and mother were separated but not divorced. If he is not on life insurance policy at her death, is he a beneficiary?

    Answered almost 2 years ago.

    1. John Michael Goralka
    2. Eric Jerome Gold
    3. C. Andrew Campbell
    3 lawyer answers

    Life insurance is essentially a conract. The life insurance company will pay the designated benficiaries. If you fathe is not designated as a beneficiary, then he will not have any say in the distribution of the death benefit from the life insurance policy. If no beneficiart is designated, then the life insurance company will pay the proceeds to your mother's estate. Your mother's estate will be administered and distributed in accordance with her estate plan. If she has a will or trust,...

    4 lawyers agreed with this answer

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  6. How can a irrovacable trust be searched for?

    Answered over 1 year ago.

    1. Richard Bryan
    2. John Michael Goralka
    3. Eric Jerome Gold
    3 lawyer answers

    I am very sorry for your loss. The lawyer can not hide or destroy the trust instrument as that would be a violation of the attorney's ethical and professional obligation subjecting him or her to discipline. The irrevocable trust would have a separate tax id number. The trust would have a much higher tax rate than your husband's individual tax rate. For this reason, income typically would be distributed to your husband annually to obtain a distribution deduction at the trust level. Review...

    6 lawyers agreed with this answer

  7. What are the pros & cons of having multiple co-trustees on a living trust? Is having multiple trustees advisable?

    Answered 11 months ago.

    1. John Michael Goralka
    2. Donna R Blaustein
    3. Joseph Franklin Pippen Jr.
    4. James P. Frederick
    4 lawyer answers

    First, I am sorry for the possible conflict or drama that has arisen within your family. Your mother and the acting trustee need to review this situation and the trust provisions with a qualified trust attorney. the question itself includes many issues that should be evaluated and resolved. I can not tell from the question whether the trust is revocable and easily subject to change. If irrevocable, does the trust itself authorize the appointment of co-trustees. If not, can that be modified...

    4 lawyers agreed with this answer

  8. I have an S-Corporation begun in 2011. I have a personal debt owed to me from 2008. I contributed the debt to the business

    Answered almost 2 years ago.

    1. John Michael Goralka
    2. Andrew Richard Edward Gale
    3. Christopher Michael Larson
    4. Arthur Henry Skola
    4 lawyer answers

    More information is needed to answer your question. Tax issues such as these are very fact specific and the answer may often turn or be effected but what may seem to be a slight technicality. First, we need to be certain that the account receivable was properly contributed to the corporation and the contribution complied with IRC section 351. I would also be concerned if the debt was owed to you by a family member. Was there a business purpsoe for the contribution. What were the payment...

    4 lawyers agreed with this answer

  9. Inheritance Vs. Conservator ship?, I was too honest to tell the Probate Attorney that he is in the nursing home!

    Answered almost 2 years ago.

    1. Steven J. Fromm
    2. John Michael Goralka
    3. Eric Jerome Gold
    3 lawyer answers

    Mr. Fromm is absolutely correct. I would add that as the holder of the power of attorney you must have been a close and trusted friend. You indicated that conservatorship proceedings are now in place. You may be in a position to help your friend and his family by acting on the power of attorney to avoid continuing costs related to the conservatorship proceedings. That is probably one of the main reasons why your friend designated you on the Power of Attorney. You really should return to...

    4 lawyers agreed with this answer

  10. I want to rent out a room in my house. I pay a mortgage and all. What percentage of the income would I have to pay in taxes?

    Answered almost 2 years ago.

    1. Raphael Samuel Moore
    2. John Michael Goralka
    3. Scott Richard Kaufman
    3 lawyer answers

    First, you really need to provide all of the finacial information to your tax preparer to get an accurate answer. That being said, you may generally consider that the amounts you receive as rent will be taxable income. You are generally able to right of your expeses for the rental. Those expenses would include a portion of your utitilies to the extent that the utilities are avaialbe to your tenant. For example, water, garbage and electricity would be included but not the telephone unless...

    3 lawyers agreed with this answer

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