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Maria C Schmidlkofer

Maria Schmidlkofer’s Answers

18 total


  • Can the POA sell my grandmothers home when she is terminally ill?

    There s plenty of money in the estate for bills to be paid, however my grandmother left me her home and a portion of the estate. I believe the POA has seen the will and her leaving me the home has upset him. Can he sell the home prior to her dea...

    Maria’s Answer

    I definitely recommend consulting an attorney now. It would be helpful to bring the powers of attorney and will to the meeting. The terms in the power of attorney control what rights the agent has to act on your grandma's behalf during your grandma's life and the will controls distribution after she passes away. If the agent is acting out of self interest rather than your grandma's interests there may be ways to remove the agent and prevent further actions that could be a conflict of interest.

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  • Is it difficult to revoke power of attorney if the person in possession has declared you to be incompetent

    My cousin was placed Ina nursing home by his son after having a severe stroke. The son has power of attorney, my cousin now wishes to return to his childhood home to live with his dad after the recent death of his mother. He is mentally incapable...

    Maria’s Answer

    The question is really whether your cousin understands what the power of attorney is for and what rights he is giving the agent by signing it as well as what it means to revoke it. It sounds like the son may need to petition the court to become guardian over his father and conservator for his dad's finances. The court would then evaluate competence to determine whether this is needed and in your cousin's best interests.

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  • Is it possible to get an advance on inheritance?

    My mother's brother passed away. He never married or had kids so his will named all (5) nieces/nephews along with his siblings (3) as heirs. (I have a copy of the will.) The will says each party gets a one time initial balloon payment of $750K wit...

    Maria’s Answer

    In general, the executor will wait until the probate is complete and expenses and taxes have been paid prior to distributing the funds. If you have a compelling reason, you could request the executor to petition the court for a partial distribution.

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  • My mom signed two different durable power of attorneys within 5 days of each other. Which is valid?

    Live in the state of texas. both power of attorneys signed in 2005.

    Maria’s Answer

    While person can have more than one power of attorney, I would have a lawyer review them. The document signed last may state that it revokes all prior powers of attorney.

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  • I'm sole heir and trustee to living trust of my father's. He passed in 12/2011. What taxes do I pay& can I deduct expenses.

    He left 2 c.d. acct's. and 1 small checking along with his home, which just sold 3/31/13. The c.d.s' had a total of less than $56,000. and the checking less than $2,000. The house was sold for $138,000. after escrow we attained $125,600. I h...

    Maria’s Answer

    I agree with Mr. Schultz. I advise you to hire a trust administration attorney and CPA familiar with trusts. I can tell you in general terms how administration works. When your dad passed away his revocable living trust became irrevocable. During the period of administration the trust typically is known as an Administrative Trust and needs its own tax id number if the assets are not distributed out. The trust itself should provide instructions relating to the period of administration. Based upon the asset values listed above it sounds as if he had a non taxable estate at the time of his death for estate tax purposes. You should discuss the date of death valuation of each asset with an attorney to make sure. That being said, income taxes need to be filed. A final income tax return should have been filed on behalf of your dad for 2011. If the assets above were not distributed out yet then it also sounds as if income tax returns on behalf of the Administrative Trust Form 1041 may need to be filed for 2012 and 2013. It would be on these returns that you as Trustee could take appropriate deductions. You should talk with a lawyer or CPA to help you with this. Hope that points you in the right direction.

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  • My father has his house in a trust. He now wants to sell the house. Does he have to remove it from the trust before selling?

    I am the trustee

    Maria’s Answer

    I would want to read the trust terms and find out more information. Usually he would sell it as Trustee of his Trust and then keep the proceeds from the sale of the house in an account in the name of his trust.

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  • Changing Bank account title with Living Trust to an individual/personal name

    Hi. I have a Living Trust prepared in year 2000, and added all bank account and other asset details to the trust. The bank account titles were thus changed from my name to the Living trust title. Since 2000, I have been graduall...

    Maria’s Answer

    Closing account is probably the easiest solution. However, I would consider doing a new trust if the old trust no longer meets your needs or estate planning goals. A Living Trust enables you to appoint a Trustee to handle your finances for you in the event you are disabled without having to go to court to have a Conservator or Guardian appointed. It also allows you to transfer your assets at death to your beneficiaries in a private manner without a court probate. I would recommend that you speak to an estate planning attorney.

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  • Trust and subtrust

    Does a subtrust of a Trust have to have it own EIN number?

    Maria’s Answer

    I need more information to know the answer to your specific subtrust.
    Typically, a Living Trust may contain "subtrusts" that are created at the Trustmaker's death for the benefit of children or other beneficiaries. If this is the case, then each of the subtrusts for the benefit of each of the beneficiaries would receive separate EIN numbers at the time of creation and funding of those trusts. Additionally, each year that the separate trusts are in existence, the Trustee should file a 1041 income tax return.

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  • How can you find proof of original trust agreement left by the deseased??what if the executor refuse to show the trust??

    what if there was no written trust agreement?is it possiable that the executor made a trust agreement her self & put what ever precentage amount that everyone should recieve?cuz she could not find the actual trust or there never was one created by...

    Maria’s Answer

    An executor is a person named in a will to take the will through the court probate. If there is a probate, the will would be on file with the court and you should be able to request a copy. If there is a trust set up by a lawyer, you should be able to contact the Trustee or the lawyer representing the Trustee to find out if you are named as a beneficiary under the trust. A trust is a private document which will not be presented to court unless contested. If you feel you have grounds to challenge the will or the trust, then you should contact an attorney to help you do so.

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  • How do I set up a Medical (Durable) Power of Attorney for my daughter?

    My daughter will turn 18 this year. She has down syndrome. I'm also confused about guardianship. Will a Medical (Durable) Power of Attorney meet my needs? She is unable to understand most situations and will not be able to make decisions about he...

    Maria’s Answer

    • Selected as best answer

    A healthcare power of attorney in Oregon is called an Advance Directive. The Advance Directive appoints a healthcare representative to make make healthcare decisions on a person's behalf. It also enables a person to decide in advance if she wants tube feeding or life support in four end of life situations as defined under Oregon law.
    However, your daughter needs to understand the document in order to sign it.
    Your daughter will likely need to have you appointed Guardian by the court so that you can make personal and health related decisions on her behalf. In addition, you will likely need to be appointed Conservator to handle her finances. I recommend speaking to an attorney in Southern Oregon to discuss your options. I hope this helps point you in the right direction.

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