Run, do not walk to a probate attorney to help you with this. Your concerns are valid and should be investigated immediately. Your sister may sing a different tune when she is contacted by your attorney. There may be an innocent explanation of all of this; but, to preserve your rights you need to move immediately.
In addition to the non-tax reasons to have an estate plan, in Oregon we still only have a $1 Million personal exemption. So, your estate could be taxable in Oregon. Some other tax considerations are:
1. Assets tend to increase in value over time. Your estate may increase enough to pay a US tax someday.
2. Congress keeps changing this law. The minimum amount for a tax and the tax rates may change again. If this is a low tax time, it may be a good time to do some planning and transfers.
I agree with the other attorney commentor. The title company cares about the warranties of title that are part of the Deed. This becomes important when the Trust or the beneficiary eventually wants to sell the property. The buyer will want title insurance from the Trust (or beneficiary) as seller. If there was a defect in the title in the past, and the new buyer makes a claim against the current title policy, the current title company will want to make a claim against any title insurance...
Unless the amounts involved are trivial, you should have either a tax attorney or a CPA prepare your response to the audit. If you can get a delay for at least 14 days, I would do so and get some help so you can do it right and stay out of trouble.
Yes, you can fix this problem. First step is to file the missing income tax returns. That sets the expectations of everyone involved. You want these done right the first time. The tax authorities hate it when you file sloppy returns (and waste their time) and then change them.
Once the returns are filed, then you can pursue avenues for relief from the payment of taxes, interest and penalties.
This is commonly done. It has some conceptual difficulties since the trusts own the property as co-tenants. It does not make much sense to have joint tenants or tenants with a right of survivorship since the trusts can have very long lives. The trusts do not usually terminate when the beneficiary dies.
It is done with tenants in common so that the ownership is split between the two estates. Each trust owns a 50% undivided interest in the property. When a beneficiary dies, the ownership of...
It depends entirely upon the wording of the trust; trusts are very flexible and can be made to fit individual situations. However, it would be unusual for your brother's debts to affect your share of the trust estate.
In any event, you can find out by reading the trust. I would make sure that the attorneys preparing the trust are aware of your brother's obligations.
No, you are not liable for her debts if you take her as a dependent on your income taxes. if you are not married, then you do not have a duty to pay her debts unless you undertook to pay them in some way such as signed a guarantee or you benefited from the money that was borrowed.
It is not possible say definitely without reading the rest of the Lease and knowing the circumstances; however, this language is usually used to shift the responsibility for loss to the tenant. The tenant is not required by this language in the Lease to get the insurance. Usually, it is a very good idea unless the tenant is so wealthy that he can keep the premium and invest it at a better return than the insurance company. In effect, the tenant would be self insuring. Getting the...
Yes, a QTIP could work well. It is essential that the two trusts work together and not be inconsistent or contradict each other. If you have a large enough estate to worry about US or Oregon estate taxes, you should also make sure the two trusts along with your other assets receive the tax treatment you expect.